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India and the US have issued a joint statement on the signing of an interim trade agreement. It has been described as a solid foundation for future bilateral trade, with India agreeing to reduce tariffs on US products, while the US has reduced tariffs on Indian goods to 18 percent. New Delhi/Washington: The US and India have issued a joint statement on the Interim Trade Agreement. Both countries have described the agreement as a significant step towards strengthening future bilateral trade (Bilateral Trade Agreement – ​​BTA) negotiations. The interim agreement is a continuation of the trade talks that US President Donald Trump and Prime Minister Narendra Modi launched on February 13, 2025. The joint statement said that the agreement is designed to build an equal and balanced trade relationship based on mutual interest. A copy of the joint statement was shared by Union Commerce and Industry Minister Piyush Goyal on X-Handle. Under the decisive leadership of Prime Minister Narendra Modi, India has reached an interim agreement with the US. This will open up a $30 trillion market for Indian exporters, especially small and medium enterprises, farmers and fishermen. Increased exports will create millions of new jobs for our women and youth, Piyush Goyal said. Piyush Goyal's message Tariff reduction for US products As part of the interim trade agreement, India has agreed to reduce or eliminate tariffs on US industrial goods. In addition, several agricultural products, including animal feed, nuts, fruits, soybean oil, wine, will have easier access to the Indian market, the joint statement said. Import duty on Indian products reduced to 18 percent The US has reduced import duty on goods from India to 18 percent. The agreement mentions a plan to phase out tariffs on many items, including textiles, leather, footwear, machinery, gems and diamonds, and generic medicines, after the agreement is finalized. Boost for aircraft, auto, pharmaceutical sectors The US has agreed to provide special duty exemptions for Indian aircraft spare parts and automobile parts. In addition, talks will continue to increase partnership in the field of generic medicines. Agreement to reduce import restrictions India has agreed to reduce import restrictions on medical devices, information and communication technology (ICT) items. Both countries will work to remove long-standing barriers in trade in agricultural and food products. It has been decided to implement 'Rules of Origin' so that the benefits of the agreement are available to both India and the US. The joint statement said that the agreement also emphasizes removing barriers in digital trade and formulating secure and transparent rules. Plan to buy $ 500 billion from the US The trade agreement proposes that India intends to buy $ 500 billion worth of fuel, aircraft and their parts, precious metals, technology products and coal from the US in the next five years. It is also planned to increase trade in technology items, including GPUs required for data centers. Supply Chain, Investment Cooperation The two countries have decided to work together to strengthen supply chains, expand investment and technology partnerships, and boost global economic growth. The interim agreement will be implemented expeditiously and a mutually beneficial bilateral trade agreement will be finalized