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NEW DELHI — <\/span>India and the United States released a framework for an interim trade agreement to lower tariffs on Indian goods, which Indian opposition accused of favoring Washington. <\/p>\n The joint statement, released Friday, came after U.S. President Donald Trump <\/a> announced his plan last week to reduce import tariffs on the South Asian country, six months after imposing steep taxes to press New Delhi to cut its reliance on cheap Russian crude<\/a>. <\/p>\n Under the deal, tariffs on goods from India would be lowered to 18%, from 25%<\/a>, after Indian Prime Minister Narendra Modi agreed to stop buying Russian oil<\/a>, Trump had said. <\/p>\n The two countries called the agreement \u201creciprocal and mutually beneficial\u201d and expressed commitment to work toward a broader trade deal that \u201cwill include additional market access commitments and support more resilient supply chains.\u201d<\/p>\n India would also \u201celiminate or reduce tariffs\u201d on all U.S. industrial goods and a wide range of food and agricultural products, Friday’s statement said.<\/p>\n The U.S. president had said that India would start to reduce its import taxes on U.S. goods to zero and buy $500 billion worth of American products, part of the Trump administration\u2019s bid to seek greater market access and zero tariffs on almost all American exports.<\/p>\n Trump also signed an executive order on Friday to revoke a separate 25% tariff he had imposed last year on Indian goods.<\/p>\n India\u2019s opposition political parties have largely criticized the deal, saying it heavily favors the U.S. and negatively impacts sensitive sectors such as agriculture. In the past, New Delhi had opposed tariffs on sectors such as agriculture and dairy, which employ the bulk of the country\u2019s population.<\/p>\n Meanwhile, Piyush Goyal, Indian Trade Minister, said the deal protects \u201csensitive agricultural and dairy products\u201d including maize, wheat, rice, ethanol, tobacco, and some vegetables.<\/p>\n \u201cThis (agreement) will open a $30 trillion market for Indian exporters,\u201d Goyal said in a social media post, referring to the U.S. annual GDP. He said the increase in exports was likely to create hundreds of thousands of new job opportunities.<\/p>\n Goyal also said tariffs will go down to zero on a wide range of Indian goods exported to the U.S., including generic pharmaceuticals, gems and diamonds, and aircraft parts, further enhancing the country’s export competitiveness.<\/p>\n India and the European Union recently reached a free trade agreement<\/a> that could affect as many as 2 billion people after nearly two decades of negotiations. That deal would enable free trade on almost all goods between the EU\u2019s 27 members and India, covering everything from textiles to medicines, and bringing down high import taxes for European wine and cars. <\/p>\n India also signed a comprehensive economic partnership agreement with Oman<\/a> in December and concluded talks for a free trade deal with New Zealand<\/a>.<\/p>\n<\/div>\n