LIVE: India-US Interim Trade Deal Framework Announced: Tariffs on Indian Goods Down to 18%

India and the United States have unveiled a framework for an interim bilateral trade pact, marking a major step forward in economic cooperation between the two countries. Prime Minister Narendra Modi hailed the move as a significant boost to the government’s Make in India initiative, saying it will generate employment and strengthen supply chains. Both sides have agreed to tackle non-tariff barriers and streamline trade processes. Under the framework, the US has lifted the 25% penalty tariff imposed on India over Russian oil imports and would reduce tariffs on Indian goods to 18%. US duties on Indian generic pharmaceuticals, gems, and diamonds will be reduced to zero. India, in turn, plans to purchase $500 billion worth of US goods over the next five years and will eliminate or reduce tariffs on American industrial goods, food, and agricultural products. Both nations have also agreed to boost trade in technology products.

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