India nears deal to slash US tariffs on Indian imports to 15-16%, Mint reports
India may cut Russian oil imports and boost US corn and soymeal trade as part of a new deal discussed by US President Donald Trump and Indian PM Narendra Modi. - REUTERS/Filepic
INDIA and the United States are nearing a long-stalled trade agreement that would reduce U.S. tariffs on Indian imports to 15% to 16% from 50%, India's Mint reported on Wednesday citing three people aware of the matter.
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- India is considering reducing its Russian crude oil imports following talks with the US.
- The deal may allow India to import more non-GMO US corn and soymeal.
- A bilateral trade agreement could be finalized and announced at the upcoming ASEAN Summit.
India's Ministry of Commerce and Industry and the White House did not immediately respond to Reuters' requests for comment.
U.S. President Donald Trump said he spoke to Indian Prime Minister Narendra Modi on Tuesday, largely focusing on trade.
Trump said energy was also part of their discussion, and Modi assured him that India would limit its oil purchases from Russia.
Modi also said the two leaders had talked, but gave no details about what was discussed.
"Thank you, President Trump, for your phone call and warm Diwali greetings," Modi said on X, referring to the Hindu festival, which was 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 said.
As part of negotiations with Washington, India may allow increased imports of non-genetically modified U.S. corn and soymeal, Mint reported citing the sources. A deal may also include a mechanism to periodically review tariffs and market access, the outlet said.
Finalisation of a bilateral trade agreement is likely to be announced at the ASEAN Summit this month, Mint reported.
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