India and US Announce Interim Trade Agreement Framework

India and the U.S. announced a framework for an interim trade agreement to reduce tariffs on Indian goods, with tariffs dropping from 25% to 18%. In return, India will stop purchasing Russian oil, and both nations aim for a broader trade deal that enhances market access and supply chains. Indian opposition criticized the agreement for favoring the U.S., while Trade Minister Piyush Goyal highlighted potential job creation and export growth. Additionally, India continues to pursue other trade agreements, including with the EU and Oman.

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