India-US Interim Trade Agreement: Boosting Economic Synergy
India and the US have established a framework for an interim trade agreement, signaling confidence to global investors. The deal aims to reduce import duties, boosting trade. It marks a pivotal step in economic synergy, enhancing competitiveness, technology access, and supply chain resilience between the two nations.
- Country:
- India
In a significant move aimed at enhancing economic ties, India and the United States have announced a framework for an interim trade agreement. This pact sends a strong message of confidence to the global investment community, with trade barriers being lowered to enhance two-way commerce.
The agreement, lauded by FICCI President Anant Goenka, is set to reduce US tariffs on Indian goods to 18 percent from the current 50 percent. In return, India will slash import duties on a range of American products, including industrial goods and agricultural produce.
Industry leaders view this agreement as a step towards a comprehensive Free Trade Agreement (FTA), reflecting mutual trust and shared trade policies. Over the next five years, India plans significant purchases from the US in sectors such as energy and technology, further solidifying this economic partnership.
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