A joint statement on the India-US trade deal is expected to be released in the next two to three days, official sources told Business Today on Tuesday. India is expected to import goods worth about $500 billion from the United States over the next five years, they said. Data centers alone are expected to account for $20 billion of that figure.

Officials also indicated that India may receive tax-free benefits in several cases under the agreement.

At a press conference, Commerce Minister Piyush Goyal said Prime Minister Narendra Modi has consistently ensured that sensitive areas remain protected during negotiations. “Prime Minister Modi has always ensured protection of agriculture and dairy sectors,” Goyal said, adding that in the India-US trade deal, “sensitive sectors like agri and dairy have been protected.”

Goyal said the agreement is now in the final stages of detail and will be followed by a joint statement once the technical formalities are completed. “I can assure the people of India that this will protect the interests of all Indians and provide great opportunities to the people of India and protect sensitive sectors,” he said.

The minister also highlighted the expected boost in exports for India, saying the deal offers huge gains to exporters in engineering, textiles and gems and jewellery.

On Monday, US President Donald Trump announced the trade deal with India and said Washington would cut tariffs on Indian goods from 25% to 18%. In a post on Truth Social, Trump also claimed that Prime Minister Modi “agreed to stop buying Russian oil and buy a lot more from the United States and potentially Venezuela.”

Trump further claimed that the prime minister also pledged to “BUY AMERICAN” at a much higher level, “in addition to over $500 billion in energy, technology, agriculture, coal and many other US products.”