New Delhi: India and the United States have reached a framework for an interim trade agreement under which the USA will give a preferential tariff-rate quota for the automotive parts imported from India. Under the framework, the US will also lower their tariffs on Indian imports on a wider range of products to 18 per cent from the existing 50 per cent.

In a joint statement, the two countries said, “Consistent with US national security requirements, India will receive a preferential tariff rate quota for automotive parts subject to the tariff imposed to eliminate threats to national security found in Proclamation 9888 of May 17, 2019 (Adjusting Imports of Automobiles and Automobile Parts Into the United........

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