Bilateral Trade Agreement Nearing Closure Amid Tariff Talks

The initial phase of the bilateral trade agreement is close to completion. This agreement will address reciprocal tariffs, including a significant 25% on oil, between India and the USA. A resolution package on market access and tariffs is expected to finalize soon, according to officials.

The initial phase of the much-anticipated bilateral trade agreement between India and the USA is drawing to a close, a government official stated on Monday.

This segment of the agreement is set to tackle the thorny issue of 25% reciprocal tariffs as well as a significant 25% oil tariff imposed on India.

Addressing these tariffs and the broader market access issues faced by both nations, a comprehensive package is reported to be nearing finalization, with expectations for a closure shortly, the official noted.

(With inputs from agencies.)