24
Oct
India and the US are close to finalizing a long-awaited trade agreement that could reduce tariffs on Indian exports to 15–16% from the current 50%, according to people familiar with the talks. Energy and agriculture are central to the negotiations, with India likely to gradually cut Russian oil imports—a key factor behind the additional 25% levy on its exports. Russia currently supplies about 34% of India’s crude, while the US meets around 10% of its oil and gas needs. India is also considering raising its import quota for non-GM US maize from 0.5 million tonnes, while keeping duties unchanged at…
