India, Feb. 6 -- India and the US are working on a joint statement detailing the contours of the trade deal announced on Monday and it is expected in the next four-five days or sooner, followed by an executive order in another two days to reduce tariffs on Indian merchandise from 50% to 18%.

Union commerce minister Piyush Goyal and commerce secretary Rajesh Agrawal laid out the contours of the high-profile deal that was first announced by US President Donald Trump earlier this week, concluding nearly a year-long negotiation process.

Goyal also said the formal agreement is likely to be signed by the middle of March.

"Very fruitful discussions are underway between India and the United States of America, as decided by our two leaders. Our...