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According to the official text, “India committed to stop, directly and indirectly, importing oil from the Russian Federation.”The additional tariff will be withdrawn starting this Saturday.
The decision is key to the implementation of a new trade agreement announced this week between both nations.
The pact also calls for New Delhi to increase its purchases of American energy products and for both sides to expand their defense cooperation over the next ten years.
India plans to purchase $500 billion worth of US energy products, aircraft, precious metals, technology products and coal-metallurgical products in the next five years.
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India also agreed to address long-standing non-tariff barriers to imports of agricultural products, medical devices and communications equipment, with negotiations to be completed within six months to reach a deal that accepts U.S. or international licensing and safety standards for product imports.
The United States stated its intention to consider India’s requests to reduce tariffs on its products during bilateral trade pact negotiations.Both sides also agreed to cooperate on enforcing export controls on sensitive technologies and take steps to address “third-party non-trade policies,” referring to China.
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India will access the same tariff relief that other countries allied with the United States enjoy in relation to aircraft and aircraft parts, in addition to receiving a quota for the import of auto parts that will be subject to a reduced tariff, as detailed in the official statement.
The Indian Minister of Commerce, Piyush Goyal, celebrated the framework agreement on the social network
Goyal announced Thursday that Washington and New Delhi hope to sign the formal trade agreement in March, after which India’s tariff cuts on US exports would come into force.
(With information from AFP and Reuters)
