Pakistan, Feb. 5 -- India and the United States are set to formalize a major trade agreement in March, following a joint announcement expected within four to five days, Trade Minister Piyush Goyal confirmed. The deal will see Washington reduce tariffs on Indian exports from 50% to 18%, while India plans to purchase approximately $500 billion worth of US goods over the next five years, including $70-80 billion in Boeing aircraft.

Under the agreement, US President Donald Trump had previously lowered tariffs on Indian goods in exchange for India halting Russian oil imports, marking a significant step toward deepening economic ties between the two nations. Goyal emphasized that the formal signing process will take 30 to 45 days after the pre...