New Delhi, Feb 7 (PTI) Home Minister Amit Shah said on Saturday that the interim trade agreement between India and the US gives "another boost to India's roaring growth engine".

In a post on X, Shah said, "Translating PM Shri @narendramodi Ji's vision of a Viksit Bharat into an inevitable reality, the agreement makes way for a boom for Make in India, hardworking farmers, entrepreneurs, MSMEs, startup innovators, and fishermen while churning employment for youth and women." "Heartiest gratitude to Modi Ji for the landmark deal, and congratulations to every citizen of India," he added.

India and the United States announced on Saturday that they have finalised the framework for the first phase of the bilateral trade agreement under which both sides will reduce import duties on a number of goods to boost the two-way trade.

The framework reaffirms the two countries' commitment to the broader US-India Bilateral Trade Agreement (BTA) negotiations, launched by President Donald Trump and Prime Minister Narendra Modi on February 13, 2025, according to a joint statement.

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 American industrial goods and on a wide range of food and agricultural products, including dried distillers' grains, red sorghum for animal feed, tree nuts, fresh and processed fruit, soybean oil, wine and spirits.

The first part of the pact is expected to be signed by mid-March. PTI ABS RC

India-US trade agreement establishes reciprocal tariff cuts and duty removals to expand market access and two way trade. Interim bilateral trade framework sets reciprocal tariff adjustments: the United States will reduce tariffs on specified Indian goods to 18% from about 50%, and India will eliminate or reduce import duties on all American industrial goods and a specified list of agricultural and food products, as the first phase of the broader Bilateral Trade Agreement, with formal signing expected by mid March.