The long-disputed trade agreement between India and the US has reached the final stage. It is reported that with this agreement, the tariff imposed by the US on Indian imports will drop from 50% to 15-16%. This information was given citing three officials familiar with the matter.Also Read: Terrorists' Rocket Attack Foiled in Amritsar; Two Suspects Linked to ISI Arrested!

US President Donald Trump held talks with Prime Minister Narendra Modi on Tuesday. The agreement mainly focuses on the energy and agriculture sectors. The report says that if the agreement comes into force, India is likely to gradually reduce its crude oil imports from Russia.Also Read: Husband's Suicide Over Unbearable Wife's Harassment: Shocking Allegations in Selfie Video!

Trump informed that the discussion between Trump and Modi mainly centered on trade. Energy was also a topic of discussion. Trump said Modi promised to limit India's oil purchases from Russia.

India's oil purchases from Russia had led to a 25% punitive tax on Indian exports. This was in addition to the 25% reciprocal tariff increase announced in April.Also Read: BJP-JD(S) Alliance to Form Two Coordination Committees

Currently, about 34% of India's crude oil imports come from Russia. However, only about 10% of the country's total oil and gas needs (by value) are supplied by the United States.

India is likely to further open its markets for American non-genetically modified (non-GM) corn and soymeal. Along with this, New Delhi is reportedly trying to include a provision in the agreement that allows for regular reviews of tariffs and market access rules.SGF11 Women's Kanjivaram Pure Soft Silk Saree For Women Pure Golden Zari With Blouse Piece