New Delhi [India], February 7 (ANI): India and the United States have formalised the tenets of the framewok of a Bilateral Trade Agreement. Union Minister of Petroleum and Natural Gas of India Hardeep Singh Puri has hailed the announcement as a commitment to a shared, prosperous future under the leadership of PM Narendra Modi and President Donald Trump.

He said the agreement aims to bolster the 'Make in India' initiative and create extensive opportunities across various sectors, including agriculture, small and medium enterprises (MSMEs), and startups, while also deepening investment and technology partnerships between the two nations.

In a post on X, he wrote 'The interim trade agreement between India and the USA is anchored in the shared commitment of our two great nations towards a glorious future under the leadership of PM Narendra ModiJi and US President DonaldTrump. It will further strengthen the Make in India initiative and open up vast opportunities for our farmers, entrepreneurs, MSMEs, start-up innovators, fishermen and more by generating large-scale direct and indirect employment opportunities, particularly for our youth. As we continue on our journey towards #ViksitBharat, this framework reflects the commitment towards promoting innovation and will further deepen investment and technology partnerships between India & USA.'

On February 6, India and the US announced a framework for an Interim Agreement regarding reciprocal and mutually beneficial trade.

The joint statement said that the framework reaffirms the countries' commitment to the broader Bilateral Trade Agreement (BTA) negotiations, launched by President Donald Trump and Prime Minister Narendra Modi on February 13, 2025, which will include additional market access commitments and support more resilient supply chains.

As per the joint statement, the US will apply a reciprocal tariff rate of 18 per cent on Indian originating goods, including textiles and apparel, leather and footwear, plastic and rubber, organic chemicals, home decor, artisanal products, and certain machinery.

The United States will also remove tariffs on certain aircraft and aircraft parts from India, which were imposed to address national security threats, the joint statement said.(ANI)