The joint statement, released Friday, came after US President Donald Trump announced his plan last week to reduce import tariffs on the South Asian country.
India and the United States released a framework for an interim trade agreement to lower tariffs on Indian goods, which Indian opposition accused of favoring Washington.
The joint statement, released Friday, came after US President Donald Trump announced his plan last week to reduce import tariffs on the South Asian country, six months after imposing steep taxes to press New Delhi to cut its reliance on cheap Russian crude.
Under the deal, tariffs on goods from India would be lowered to 18%, from 25%, after Indian Prime Minister Narendra Modi agreed to stop buying Russian oil, Trump had said.
The two countries called the agreement “reciprocal and mutually beneficial” and expressed commitment to work toward a broader trade deal that “will include additional market access commitments and support more resilient supply chains.” The framework said that more negotiations will be needed to formalize the agreement.
India would also “eliminate or reduce tariffs” on all US industrial goods and a wide range of food and agricultural products, Friday’s statement said.
