India, US poised to finalize long-stalled trade pact
New Delhi and Washington are nearing completion of a long-pending trade agreement that would reduce US tariffs on Indian imports to around 15–16% from the current 50%, according to three sources familiar with the discussions.
The deal, focused on energy and agriculture, could see India gradually scale back its imports of Russian crude oil, News.Az reports, citing Mint.
Both the Indian Ministry of Commerce and Industry and the White House declined to comment on the matter when approached by Reuters.
US President Donald Trump said he spoke with Prime Minister Narendra Modi on Tuesday, with trade being the main topic of discussion. Trump added that energy was also part of their conversation and that Modi had assured him India would limit its oil purchases from Russia.
Prime Minister Modi confirmed the call but did not share specific details. “Thank you, President Trump, for your phone call and warm Diwali greetings,” Modi posted on X, referring to the Hindu festival celebrated on Monday. “On this festival of lights, may our two great democracies continue to illuminate the world with hope and stand united against terrorism in all its forms,” he added.
As part of the negotiations, India may allow greater imports of non-genetically modified US corn and soymeal, Mint reported, citing the same sources. The potential agreement could also include a mechanism for periodic reviews of tariffs and market access.
According to the report, the final announcement of the bilateral trade deal may take place during the upcoming ASEAN Summit this month.
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