Goyal said the two countries will issue a joint statement within four or five days, News.Az reports, citing Reuters.
Following that, Washington will cut duties on Indian exports to 18% from 50%. In return, India will purchase around $500 billion worth of US goods over the next five years, including $70–80 billion in aircraft from Boeing.
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Under the deal announced on Monday, President Donald Trump agreed to sharply reduce US tariffs on Indian goods in exchange for India halting purchases of Russian oil, lowering its own tariffs, and committing to large-scale imports of American products.
“A formal agreement on this deal will take 30–45 days and will be signed in March,” Goyal told reporters in New Delhi.
He added that India will step up purchases of US energy, aircraft, and semiconductors. Aircraft orders that have already been placed or are ready to be finalized, including engines and other components, would total about $100 billion, he said.
Last month, Tata Group-owned Air India said it had nearly 200 aircraft on order from Boeing, while another carrier, Akasa Air, said it has orders for 226 Boeing 737 MAX jets.
Indian stock markets rallied after Monday’s announcement, as the agreement eased uncertainty surrounding future ties between the two countries.
However, India’s main opposition party has pressed the government to release more details, citing concerns over how much access has been granted to the agriculture sector. Officials from both sides said on Tuesday that India would allow limited US access to its agricultural market while retaining key protections.
