India Stands Ready to Finalize USD80B Boeing Purchase
The South Asian nation's aviation procurement pipeline—with Boeing contracts "yet to be placed but ready"—represents close to $80 billion in value, Goyal informed journalists Thursday, a news agency reported. Including propulsion systems and replacement components, US imports will "cross $100 billion just (from) aircrafts," the minister stated.
Goyal indicated India could purchase at least $500 billion in American products throughout the coming five years, while clarifying the trade framework contains no binding investment obligations.
President Donald Trump announced Monday via social media that Washington and New Delhi struck a commercial agreement, just days following India's trade pact finalization with the EU.
Trump declared the US would slash tariffs on Indian exports to 18%, while India would eliminate duties on American merchandise, transition from Russian petroleum to US and Venezuelan energy supplies, liberalize protected industries including agriculture, and purchase "$500 billion worth of American goods."
A joint declaration formalizing phase one of the bilateral trade framework will emerge within three to four days, Goyal confirmed Thursday, noting the 18% duty rate on Indian shipments to the US activates upon the statement's release.
Both nations anticipate signing formal documentation mid-March, triggering India's tariff reductions for US imports.
New Delhi has not validated multiple Trump proclamations regarding the agreement, including assertions India would zero out American goods tariffs, cease Russian oil purchases, and definitively commit to the $500 billion procurement figure.
Analysts characterize Trump's declarations as "not realistic" and warn they could heighten the probability of Washington reversing agreement components.
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