The long-running negotiations between India and the United States regarding a trade deal may now be finalized.
According to a report, the two countries are very close to a trade deal. The 50 percent tariff imposed on India could be reduced to 15 to 16 percent.
The report states that under this agreement based on energy and agriculture, India could gradually reduce its imports of Russian crude oil.
US President Donald Trump said that he spoke with Prime Minister Narendra Modi. He stated that the conversation primarily focused on trade. He also discussed energy, and Modi assured him that India would limit its oil purchases from Russia.
It should be noted that due to India's purchase of oil from Russia, an additional 25 percent tariff has been imposed on Indian exports. Currently, Russia supplies about 34 percent of India's crude oil imports, while about 10 percent (by value) of the country's oil and gas requirements come from the United States.