India and the US are close to finalising a long-anticipated trade deal that could significantly reduce tariffs on Indian exports from the current 50% to around 15–16%, Mint reported on Wednesday, citing three people aware of the discussions. The deal, which could be announced later this month during the ASEAN Summit, is expected to ease months of strain between New Delhi and Washington over trade, energy, and Russia-related sanctions. Advertisement

According to the report, both sides are negotiating key components involving energy and agriculture. India may agree to gradually reduce imports of Russian oil in return for tariff concessions on exports to the US. The purchases of Russian crude had triggered a 25% tariff on Indian exports, in addition to the 25% reciprocal tariff the US impos

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