India and the US are expected to finalise and sign a joint statement on the first tranche of the bilateral trade agreement in 4-5 days, Commerce and Industry Minister Piyush Goyal said on Thursday.
After the joint statement is signed, the US will come out with an executive order on reducing tariffs on India to 18 per cent.
At present, Indian goods attract a 25 per cent reciprocal tariff and a 25 per cent additional tariff for buying Russian crude oil.
Goyal told reporters 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.
Goyal also said 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.
The signing of the legal text will lead to a cut in tariffs by India on certain US goods.