India-US Trade Deal: As a condition of the deal, India will terminate or reduce all tariffs on U.S. industrial products, as well as a broad array of U.S. agricultural products and foodstuffs, which will include tree nuts, fresh and processed fruits, soybean oil, wine, spirits, red sorghum primarily used as animal feed, dried distiller’s grains, etc.
The statement further added that subject to the constructive completion of the interim agreement, the rate of customs duty imposed on some of the most essential items such as generic medicines, gems and diamonds, and airplane parts might be reduced to zero. This will further provide a boost to the export potential of India and support the government’s Make in India mission.
Both sides have agreed to immediately put the framework into effect and work towards concluding a mutually beneficial Bilateral Trade Agreement (BTA) in accordance with a mutually agreed roadmap. This deal is considered a relatively positive outcome of ongoing economic diplomacy efforts between these two global powers.
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