The United States and India are close to finalizing a landmark bilateral trade agreement after years of deadlock. According to Mint, the deal could slash U.S. tariffs on Indian goods from 50 percent to around 15–16 percent, with energy and agriculture at its core. During a recent phone conversation, Prime Minister Narendra Modi and former U.S. President Donald Trump discussed trade and energy issues, with Modi reportedly assuring Trump that India would gradually reduce crude oil imports from Russia. The agreement may also see India importing more non-genetically modified corn and soybean meal from the U.S., alongside a process for periodic tariff and market-access reviews. The final announcement could come later this month during the ASEAN Summit.
After years of stagnation, the United States and India are reportedly on the verge of signing a new bilateral trade agreement. According to Indian news outlet Mint, once the agreement comes into effect, the U.S. will reduce tariffs on Indian goods from the current 50 percent to around 15–16 percent.
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