ISTANBUL 

India is prepared to order as much as $80 billion worth of aircraft from Boeing, according to the nation's Commerce and Industry Minister Piyush Goyal, following a trade agreement with Washington earlier in the week.

India’s aircraft requirements alone — with Boeing orders “yet to be placed but ready” — amount to nearly $80 billion, Goyal told reporters on Thursday, according to ANI news agency, adding that when engines and other spare parts are included, imports from the US will “cross $100 billion just (from) aircrafts."

The minister also said there was scope to buy at least $500 billion worth of goods from the US over the next five years, but stressed that no specific investment commitments were included in the trade agreement with Washington.

On Monday, just days after India finalized a trade deal with the EU, US President Donald Trump posted on social media that Washington and New Delhi had reached a trade agreement.

Trump said that the US will reduce tariffs on Indian products to 18%, that India will cut duties on US goods to zero, will shift from Russian oil to supplies from the US and Venezuela, open up sensitive sectors like agriculture, and buy "$500 billion worth of American goods."

India and the US will issue a joint statement within the next three to four days to finalize the first phase of their trade agreement, Goyal said on Thursday, noting that the 18% tariffs on Indian exports to the US will take effect once the statement is released.

The two countries are then expected to sign a formal agreement in mid-March, after which India’s tariff concessions for US goods will come into force.

The Indian government has not confirmed several of Trump’s assertions about the trade deal, including claims that India would cut tariffs on US goods to zero, stop importing Russian oil, and commit firmly to buying $500 billion worth of American products.

Experts say Trump’s claims appear to be “not realistic” and could raise the risk of the US walking back parts of the agreement.