India’s agreement with the US to buy $500 billion-worth of goods over five years includes an existing pipeline of projects, as well as new areas of spending, such as data centers and energy, an official in New Delhi said. A joint statement on a US-India framework trade agreement will likely be published in the next 2-3 days, fleshing out more details of the deal announced by US President Donald Trump on Monday, the official told reporters on Tuesday.
Tariffs on some Indian goods exported to the US will be cut to zero, the official said. On plans to halt Russian oil purchases, the official said India’s government believes in diversifying its sources of energy. The government doesn’t dictate to companies where to buy oil, and if they wanted to purchase sanctioned Russian oil, it’s their decision to do so, the official said.
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