US and India unveil interim trade framework, reaffirm commitment to broader deal
India Today
The interim trade agreement comes after US President Donald Trump announced a deal with India to slash US tariffs on Indian goods to 18% from 50% in exchange for India stopping Russian oil purchases and lowering trade barriers.
The United States and India on Friday unveiled a framework for an interim trade agreement, signalling fresh momentum in efforts to seal a broader bilateral trade deal after months of negotiations and recent tariff tensions.
“The United States and India will promptly implement this framework and work towards finalizing the Interim Agreement with a view to concluding a mutually beneficial Bilateral Trade Agreement (BTA),” the two countries said in a joint statement, describing the framework as a reaffirmation of their commitment to deeper trade ties.
The interim agreement follows an announcement earlier this week by US President Donald Trump that Washington and New Delhi had reached a deal to sharply cut US tariffs on Indian goods to 18% from 50%, in exchange for India halting purchases of Russian oil and lowering trade barriers.
Indian Trade Minister Piyush Goyal said on Thursday that the two sides were aiming to sign a formal trade deal in March, after which India would reduce tariffs on a range of US goods.
Reacting on X, Piyush Goyal said the interim trade framework would “significantly expand market access for Indian exporters, especially MSMEs, farmers and fishermen,” adding that access to the roughly $30 trillion US market and tariff cuts to 18% would create new opportunities across sectors including textiles, leather, chemicals and machinery.
He said tariffs would be reduced to zero on products such as generic pharmaceuticals, gems and diamonds, and aircraft parts, while India had secured exemptions under Section 232 and tariff-rate quotas for auto parts. “At the same time, sensitive agricultural and dairy products have been fully protected to safeguard farmers’ interests and rural livelihoods,” Goyal said, adding that the framework reflects a shared US-India commitment to deepening economic cooperation and sustainable growth.
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