New Delhi, Feb. 3 -- India and the US are likely to issue a joint statement on the trade agreement this week, according to government sources.

"We are under final stages of detailing with the negotiating team. A joint statement of the India-US trade deal is likely to be issued this week," said the source.

The deal involves reducing reciprocal tariffs from 25% to 18% and eliminating the additional 25% duty on Russian oil imports into India. India has also agreed to increase imports from the US by $500 billion, covering sectors like energy, technology, agriculture, and defence.

The agreement will boost India's export competitiveness, attract investments, and strengthen economic ties with the US.

Earlier on Tuesday, Commerce and Industry...