India-U.S. Trade Talks: A New Dawn in Bilateral Relations

India and the U.S. are close to finalizing a trade deal reducing tariffs on Indian imports to 15%-16% from 50%. The agreement could see India reducing Russian oil imports and increasing non-GMO U.S. corn and soymeal imports. A formal announcement is expected at the ASEAN Summit.

India and the United States are on the brink of sealing a long-awaited trade agreement, poised to lower import duties on Indian goods from a staggering 50% to a near 15%-16% range, reports India's Mint.

The anticipated deal pivots on critical sectors like energy and agriculture, with India planning to taper off its crude oil imports from Russia. This shift was reportedly discussed between U.S. President Donald Trump and Indian Prime Minister Narendra Modi, with the focus on curbing India's oil purchases from Russia.

In exchange, India may allow increased imports of non-genetically modified U.S. corn and soymeal. Additionally, the deal is set to include a framework for routine reviews of tariffs and market access, possibly concluding with an announcement during the ASEAN Summit.

(With inputs from agencies.)