Industry leaders hail India-US interim trade deal, call it ‘pivotal for growth’

India and the US have reached a framework for an interim trade agreement under which both sides will reduce import duties on a number of goods to boost two-way trade. While the US will reduce tariffs on Indian goods to 18 per cent from the present 50 per cent, India will eliminate or cut down import duties on all US industrial goods and a wide range of American food and agricultural products, including dried distillers’ grains, red sorghum for animal feed, tree nuts, fresh and processed fruit, soybean oil, wine and spirits. Rajeev Juneja, President, PHDCCI, said that the Governments…