India and the United States are reportedly close to finalising a long-pending bilateral trade agreement that would reduce US tariffs on Indian exports from around 50 % down to approximately 15-16 %.  The prospective deal, currently in advanced negotiation stages, would also involve cooperation on energy and agriculture.

According to sources, India may agree to gradually reduce its imports of Russian crude oil as part of the arrangement, aiding the US in its strategic objectives.  In turn, the US is expected to grant American companies better access to the Indian market—particularly for non-genetically-modified corn and soymeal—while the tariff reduction mechanism may include periodic reviews of market access and duties.