Union Minister Piyush Goyal. File
| Photo Credit: PTI

Amid uncertainty over details of the India-U.S. deal, Commerce Minister Piyush Goyal on Thursday (February 5, 2026) confirmed that it is the “first tranche” of a larger Bilateral Trade Agreement and that the joint statement will be issued in the next “4-5 days”.

After the joint statement is signed, the U.S. will come out with an executive order on reducing tariffs on India to 18%. Earlier on Monday (February 2, 2026), Prime Minister Narendra Modi announced that “Made in India” products will “now” attract a “reduced tariff of 18%” in the U.S., after a telephonic conversation with President Donald Trump.

At present, Indian goods attract a 25% reciprocal tariff and a 25% additional tariff for buying Russian crude oil.

Mr. Goyal said that a legal agreement for the first tranche of the pact is expected to be signed by mid-March.The joint statement will be followed by an exhaustive legal agreement, he said, adding that there is no investment commitment in this pact.

Once the statement is signed, it will be converted into a legal agreement and mid-March, “We are hopeful of signing that legal agreement,” Commerce Secretary Rajesh Agrawal said.

With inputs from PTI

Published – February 05, 2026 01:54 pm IST