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US, India Reach Interim Trade Deal
(MENAFN) The United States and India announced on Friday that they have agreed on the terms of an interim framework to resolve a bilateral trade conflict, with President Donald Trump taking steps to advance the accord.
In a swift move, Trump lifted a 25% secondary tariff that had been imposed on Indian goods in response to India’s import of Russian oil. This marked his first significant action to implement the breakthrough agreement.
The removal of the import duty coincided with a joint statement from the US and India, asserting that the trade framework "reaffirms the countries’ commitment to the broader U.S.-India Bilateral Trade Agreement (BTA) negotiation."
The discussions "will include additional market access commitments and support more resilient supply chains."
According to the joint statement, "The Interim Agreement between the United States and India will represent a historic milestone in our countries’ partnership, demonstrating a common commitment to reciprocal and balanced trade based on mutual interests and concrete outcomes."
Under the terms of the deal, India will reduce or remove tariffs on US industrial products as well as a "wide range" of US agricultural goods. Meanwhile, the US will lower its corresponding tariff, separate from the secondary Russian oil tariff, to 18%, and will eliminate duties on Indian aircraft and related components.
The agreement also stipulates that both nations will provide each other with preferential access to "sectors of respective interest on a sustained basis." Additionally, India committed to "address long-standing barriers to the trade in U.S. medical devices."
In a swift move, Trump lifted a 25% secondary tariff that had been imposed on Indian goods in response to India’s import of Russian oil. This marked his first significant action to implement the breakthrough agreement.
The removal of the import duty coincided with a joint statement from the US and India, asserting that the trade framework "reaffirms the countries’ commitment to the broader U.S.-India Bilateral Trade Agreement (BTA) negotiation."
The discussions "will include additional market access commitments and support more resilient supply chains."
According to the joint statement, "The Interim Agreement between the United States and India will represent a historic milestone in our countries’ partnership, demonstrating a common commitment to reciprocal and balanced trade based on mutual interests and concrete outcomes."
Under the terms of the deal, India will reduce or remove tariffs on US industrial products as well as a "wide range" of US agricultural goods. Meanwhile, the US will lower its corresponding tariff, separate from the secondary Russian oil tariff, to 18%, and will eliminate duties on Indian aircraft and related components.
The agreement also stipulates that both nations will provide each other with preferential access to "sectors of respective interest on a sustained basis." Additionally, India committed to "address long-standing barriers to the trade in U.S. medical devices."
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