India-U.S. trade deal LIVE updates: India to purchase $500 billion-worth U.S. goods over five years; U.S. to remove additional 25% duty on Indian goods

Days after President Donald Trump announced a trade deal between the two countries, India and the United States (US) on Saturday announced that they have reached a framework for the agreement. Under the agreement, the US will reduce tariffs on Indian products from 50 per cent to 18 per cent, while New Delhi will end or reduce import duties on all American goods and products to zero.

In their joint statement, the two sides said that India and the US will work towards finalising the agreement with a view to “concluding a mutually beneficial BTA consistent with the roadmap agreed” upon. They also said that the trade deal highlights a “common commitment to reciprocal and balanced trade” between them.

Hailing the development, Prime Minister Narendra Modi said that agreement will help in creating more opportunities for the farmers and businessmen, while also strengthen the ‘Make in India’ initiative. Union Commerce and Industry Minister Piyush Goyal also hailed the deal, saying it will open a USD 30 trillion market for Indian businessmen and the farmers.