India and the United States (US) are reportedly close to reaching a long-delayed trade deal, which will see a dramatic reduction in US import duties on Indian goods from around 50% to 15–16%.
The deal is expected to focus on several key sectors, including energy and agriculture.
Meanwhile, India is likely to gradually agree to reduce its purchases of Russian crude oil as part of the negotiations.
In addition, India is also said to be ready to increase imports of non-genetically modified US corn and soybean meal, in exchange for market access and tariff cuts by the US.
Analysts said that the official announcement date of the agreement could happen during or after the ASEAN summit this month, which the leaders of both countries are said to be attending.
Although full details have yet to be confirmed by both governments, the development is seen as a positive step towards strengthening economic ties between the two superpowers and opening up opportunities for India's export growth to the huge US market.
