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The United States and India have established an interim trade framework that includes substantial tariff reductions, a shift in India's oil import sources, and a commitment to $500 billion in US goods purchases over five years.
India and the United States are on the verge of signing the initial phase of a bilateral trade agreement.
During a visit to the United States, Indian External Affairs Minister S Jaishankar met with US Secretary of State Marco Rubio and Treasury Secretary Scott Bessent to discuss strengthening bilateral ties, with a particular focus on formalizing cooperation in critical minerals exploration, mining, and processing.
The remarks came during a ceremony in the Oval Office, where Sergio Gor was sworn in as America's Ambassador to India by US Vice President J D Vance.
A major issue is export controls on rare earths announced by Beijing this month that prompted Trump to call the Xi summit into question.
Both sides also explored opportunities for collaboration in maritime, defence, aerospace, and space technologies.
Over 95% of agricultural and processed food tariff lines, including pepper, cardamom, turmeric, mango pulp, jackfruit, millets, and pickles, will go duty-free under the FTA.
The India US trade agreement faces disagreements on agriculture and dairy, which are 'big red lines' for India.
Trump insists that the tariffs are necessary to curb immigration, combat narcotics trafficking, and boost domestic industries.
The pact is expected to come into force from January 2023. The agreement, which was signed on April 2, would provide duty-free access to Indian exporters of over 6,000 broad sectors.
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