The United States confirmed that India will receive certain exemptions from the forthcoming India-US trade agreement. US Trade Representative Jamison Greer announced that India will reduce tariffs on multiple American industrial and agricultural goods. India will maintain its right to control particular agricultural imports because of these exceptions.
Tariff Negotiations Continue
According to Jamison Greer both countries remain engaged in discussions about which agricultural products will receive exemptions. The agricultural tariff negotiations between the two sides have not yet reached their final stage. The two parties continue to collaborate in order to complete the last remaining elements.
The United States will eliminate all tariffs on essential products from its inventory
- Greer described the trade deal as a major opportunity for both nations. He stated that the agreement would decrease the United States trade deficit with India. India committed to decrease tariffs on designated agricultural products and manufacturing machinery and chemical substances and medical equipment through the agreement.
- India currently imposes average import duties of approximately 13.5 percent on American industrial products. The tariffs will be completely eliminated. The United States will reduce import duties to zero for certain products which include nuts and wine and spirits and fruits and vegetables.
- The United States has provided an official statement regarding India's crude oil imports from Russia which are being imported by India. Greer stated that before the year 2022-23 India maintained a low level of oil imports from Moscow. India increased its oil purchases after Western nations imposed sanctions because Russian oil prices became lower. India has decreased its Russian oil imports since the conclusion of the previous year according to him.
India’s Investment Commitments
- The White House welcomed the trade agreement and highlighted India’s investment plans. According to official statements, India has agreed to invest up to $500 billion across different sectors of the US economy.
- White House Press Secretary Karoline Leavitt said India has committed to stopping oil purchases from Russia. She added that India plans to import oil from the United States and Venezuela instead. According to her, this move will directly benefit the US economy.
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