According to a joint statement, the two countries will "promptly" implement this framework and work towards finalising the interim agreement with a view to concluding a mutually beneficial Bilateral Trade Agreement (BTA). "The US and India are pleased to announce that they have reached a framework for an Interim Agreement regarding reciprocal and mutually beneficial trade," the statement said. Indian exporters were hit hard by the 50 per cent tariffs, as America is their largest export destination. In 2024-25, the bilateral trade touched USD 186 billion (USD 86.5 billion exports and USD 45.3 billion imports). With America, India had a trade surplus -- or the difference between imports and exports -- of USD 41 billion in 2024-25.

Source: The Telegraph February 07, 2026 07:06 UTC