India-US trade deal joint statement likely next week: Piyush Goyal

India–US trade deal initial highlights: India and the United States are expected to sign a formal trade deal in March, Minister Piyush Goyal said on Thursday. A joint statement addressing the same will issued in the next four to five days.

The tariffs on Indian goods will be reduced once the statement is issued, the Union Commerce and Industries Minister said at the signing of the Terms of Reference (ToR) with the GCC (6 Arab States- Bahrain, Kuwait, Oman, Qatar, Saudi Arabia & UAE).

Senior US officials are expected in the Indian capital for the signing, government sources told NDTV on Thursday.

Russian Foreign Ministry spokeswoman Maria Zakharova addressed US President Donald Trump’s claims that India was going to stop buying Russian crude oil during a recent press briefing. She joined Kremlin spokesman Dmitry Peskov in asserting that the US had no right to dictate India on where it bought its oil from.

“No Reason to Believe India Has Reconsidered its Approach to Energy Cooperation with Russia,” said Russian FM spokesperson Maria Zakharova. “The trade in resources is beneficial for both sides and contributes to maintaining stability in the international energy market.”

#WATCH | Delhi | On the US-India trade agreement, Union Commerce and Industries Minister Piyush Goyal says," The first tranche of the bilateral trade Agreement is almost ready. We hope to sign a joint statement in the next 4-5 days. After the joint statement ther will be a formal… pic.twitter.com/lQIviyff83

— ANI (@ANI) February 5, 2026

According to a Bloomberg report, Indian National Security Adviser (NSA) Ajit Doval had spoken with US Secretary of State Marco Rubio, wherein the Indian government conveyed its tough line.

Doval conveyed to US Secretary of State Marco Rubio that New Delhi wants to move past recent tensions and resume trade negotiations, according to officials familiar with the private discussion. The officials spoke on condition of anonymity due to the sensitivity of the talks.

During the meeting, Doval made it clear that India would not be pressured by US President Donald Trump or his senior aides and was prepared to wait out his term, having navigated difficult US administrations in the past. At the same time, he urged Washington to tone down its public criticism of India, saying a softer approach was necessary to put bilateral ties back on track.

Earlier in the day, Union Minister Commerce Minister Piyush Goyal also addressed the Lok Sabha, stating that the India-US trade deal was “balanced and mutually beneficial” for both nations.

Goyal released a full statement of his remarks, saying, that “varying interests of both sides” were kept in mind. “I want to stress that this is less than the tariffs imposed by America on several competing nations; it will increase India’s competitiveness in terms of its exports to the American market. This deal will benefit India’s exporters, especially those engaged in labour-intensive sectors…I want to repeat to this hallowed House that Bharat’s priority sensitivity in the fertiliser and agriculture sectors has been kept in mind,” Goyal said.

“I want to inform the honourable members that, in respect of further proceedings, both sides will work together to conclude the technical details and paperwork of the deal so that its benefits can be reaped to full capacity as soon as possible. The detailed contours of the deal will be announced immediately after these procedures are completed,” he further said.

Union Minister Piyush Goyal highlights trade agreement plans and energy priorities

In Lok Sabha, Goyal addressed MPs about the government’s approach to trade agreements and energy security. He said, “I would like to inform the MPs that with regard to the next course of action, both sides will work together to fulfill important processes related to trade agreement-related and finalise the paperwork so that its full capability can be taken benefit of at the earliest. The details of the Agreement will be announced soon after the conclusion of these processes…I want to make it clear that, as the Govt has said publically several times, that safeguarding the energy requirements of 140 Crore Indians is the biggest priority of the Govt. In line with an objective market, circumstances and changing geopolitical situation, diversifying energy sources is the basis of our work style…”

The development follows US President Donald Trump announcement on Monday that the United States and India have reached a trade deal which will enable a cut in tariffs on Indian goods. Under the agreement, Washington will lower its reciprocal tariff on Indian goods to 18% and remove the additional 25% penalty that was imposed over India’s purchase of Russian oil. Trump, who called Modi “one of my greatest friends,” said India also agreed to cut its tariffs on US goods to zero and remove non-tariff barriers. However, the tariff reduction is in return for several commitments from India — the biggest one being a promise to stop buying oil from Russia and a tariff reduction to zero.

India–US Trade Deal highlights: Trump cuts India tariffs

Trump announced that tariffs would be reduced to 18% from as high as 50% after a phone call with Prime Minister Narendra Modi, calling it a “historic” trade deal. The agreement marks a major turnaround in ties between the two countries, which had fallen to their weakest level in more than 20 years.

After a phone call with Modi Trump said, “He (Modi) agreed to stop buying Russian oil, and to buy much more oil from the United States and, potentially, Venezuela.” That’s when he agreed to a trade deal that would see India cutting tariffs to zero and ceasing Russian oil imports.

Trump also claimed that Modi has committed to buying more than $500bn worth of American goods including energy, technology, agriculture and coal products.

“It was an honour to speak with Prime Minister Modi,” Trump said. He added that India had agreed to stop buying Russian oil and commit to purchasing more than $500 billion worth of US energy, technology, and agricultural products. Prime Minister Modi welcomed the announcement, saying he was “delighted” that tariffs on Made in India goods had been reduced. He described the deal as positive for both democracies, but avoided mentioning Russian oil in his statement.