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Investing.com-- India and the U.S. are close to finalizing a long-pending bilateral trade agreement that could slash tariffs on Indian exports to around 15-16% from the current 50%, the Mint newspaper reported on Wednesday, citing three people familiar with the matter.
Energy and agriculture are key areas of negotiation, with New Delhi likely to gradually scale down imports of Russian crude -- which currently account for about 34% of India’s oil purchases -- in exchange for lower duties on Indian exports, the report said.
The two sides are also discussing greater market access for non-genetically modified U.S. corn and soymeal, while sensitive issues such as dairy remain unresolved, Mint reported.
According to the report, the deal’s broad contours are in place, though final political clearance is pending. An announcement could come at the ASEAN Summit later this month during a meeting between U.S. President Donald Trump and Indian Prime Minister Narendra Modi.
The agreement could provide tariff relief for India while giving Washington a new agricultural export partner as U.S.-China trade tensions persist, the report added.