India to sign trade deal with US in March, minister says
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India will import at least $636 billion worth of energy, aircraft and chips, among other purchases, from the US over the next five years.
PHOTO: REUTERS
NEW DELHI – India and the US expect to sign a long-awaited formal trade deal in March, after which New Delhi will reduce tariffs on US goods, Trade Minister Piyush Goyal said on Feb 5.
They will issue a joint statement in four or five days, prompting Washington to cut duties on Indian exports to 18 per cent from 50 per cent, he added, laying out the first official timeline for the adoption of the deal since it was unveiled on Feb 2.
US President Donald Trump announced the surprise trade deal with India,
Mr Goyal said India will import at least US$500 billion (S$636 billion) worth of energy, aircraft and chips, among other purchases, from the US over the next five years.
Its orders from companies such as planemaker Boeing could amount to US$70 billion to US$80 billion, he added.
“If you add engines, it will probably cross US$100 billion,” Mr Goyal said. REUTERS
