India and the United States have agreed on a framework for the first phase of a bilateral trade agreement. The arrangement includes commitments from both countries to reduce import duties on various goods, aiming to enhance two-way trade.
This initial framework sets the stage for further negotiations and cooperation between the two nations to strengthen their economic relationship.
**Why this matters**
Reducing import duties can lower costs for businesses and consumers, potentially increasing trade volume between India and the US. This agreement may also pave the way for more comprehensive trade discussions, contributing to stronger economic ties and greater market access for both countries.
Source: NewsData