India and the United States are poised to release a joint statement on a significant trade agreement this week, as confirmed by government sources in New Delhi. This development signals the culmination of intensive negotiations, with the deal expected to reshape bilateral economic relations.

Sources indicate that the agreement is in its final stages of detailing. A formal joint statement outlining the India-US trade deal is anticipated shortly, marking a pivotal moment in the two nations' partnership.

Key provisions include a reduction in reciprocal tariffs from 25 per cent to 18 per cent. Additionally, the pact eliminates the extra 25 per cent duty imposed on Russian oil imports into India, easing a longstanding trade friction.

India has committed to ramping up imports from the US by $500 billion across critical sectors such as energy, technology, agriculture, and defence. This substantial increase is designed to balance trade flows and foster deeper integration.

The agreement promises to enhance India's export competitiveness on the global stage. It is also projected to draw fresh investments and fortify economic ties between the world's largest democracies.

Commerce and Industry Minister Piyush Goyal hailed the deal as a tremendous opportunity during a press conference on Tuesday. He described it as the best trade agreement India has secured compared to those with its neighbours.

Goyal emphasised that India's interests have been squarely prioritised in the negotiations. He credited Prime Minister Narendra Modi's personal rapport with US President Donald Trump for clinching these favourable terms.

The minister underscored the protection of sensitive domestic sectors, notably agriculture and dairy. These areas, vital to millions of Indian farmers, have been shielded from adverse impacts, aligning with Modi's long-standing advocacy.

Goyal noted widespread national enthusiasm for the deal, with reports of appreciation pouring in from across the country. He portrayed it as a win that resonates deeply with the public.

The announcement follows a direct conversation between PM Modi and President Trump on Monday. Modi later expressed delight on X, thanking Trump for slashing tariffs on Made in India products to 18 per cent.

In his post, Modi conveyed gratitude on behalf of India's 1.4 billion people. He highlighted the mutual benefits when two giant economies collaborate, unlocking vast opportunities for their citizens.

Modi also praised Trump's leadership in fostering global peace and stability. India, he affirmed, stands firmly behind these efforts and anticipates elevating the bilateral partnership to new heights.

This US deal arrives just a week after India finalised a landmark Free Trade Agreement with the European Union on 27 January. That pact represents a milestone in one of India's key strategic economic relationships.

The timing of these agreements underscores India's proactive diplomacy in diversifying and strengthening trade partnerships. Amid global economic uncertainties, such moves position the country as a resilient player.

For the defence sector, the inclusion of increased US imports could accelerate technology transfers and joint ventures. This aligns with India's push for indigenous manufacturing under initiatives like Make in India.

Agriculture's safeguarding ensures food security remains uncompromised, while energy provisions may stabilise oil supplies post the Russian import duty relief. Technology imports could spur innovation in semiconductors and AI.

The trade deal reflects a strategic recalibration, reducing dependencies and enhancing self-reliance. It bolsters India's geopolitical stature, particularly in countering influences from rival powers.

As the joint statement looms, stakeholders await specifics on implementation timelines and safeguards. This pact not only promises economic dividends but also deeper strategic convergence between New Delhi and Washington.

Agencies