According to a news agency report, India and the United States are reportedly on the verge of completing a long-awaited trade agreement that could substantially reduce American tariffs on imports from India, from the status quo of 50 percent down to approximately 15-16 percent. The agreement — which focuses on energy and agriculture — may also include India gradually decreasing its purchases of Russian crude oil.
US President Donald Trump said he had an extensive conversation with Prime Minister Narendra Modi earlier this week, with an emphasis on cooperation on trade and energy. Trump noted that Modi informed him India would reduce oil purchases from Russia, which triggered a punitive 25 percent tax on Indian exports previously.
Currently, Russia is the source of approximately 34 percent of India’s crude oil, and 10 percent from the US. The trade agreement could be announced this month at the ASEAN Summit. India may also increase its quota for non-GM maize imports from the US for its increasing domestic market.
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