NEW DELHI: India and the US released a framework for an interim trade agreement, as President Donald Trump on Saturday removed additional tariffs on Indian imports previously levied over Delhi’s purchase of Russian oil.
Under the proposed agreement, Washington’s reciprocal tariffs on Indian goods will be set at 18 percent, while India will eliminate or reduce tariffs on all US industrial goods as well as a wide range of US food and agricultural products, according to a joint statement.
The framework comes after Trump announced his plan to reduce import tariffs on India earlier this week, six months after accusing India of funding Moscow’s war in Ukraine and subjecting it to a combined tariff rate of around 50 percent on most of the exports.
“This will open a $30 trillion market for Indian exporters, especially MSMEs, farmers and fishermen. The increase in exports will create (hundreds of thousands) of new job opportunities for our women and youth,” Indian trade minister Piyush Goyal said on X.
He previously said that the two countries will likely sign the formal trade deal in March.
