New Delhi [India], February 7 (ANI): The US-India Strategic Partnership Forum (USISPF) has welcomed the release of the joint statement by the United States and India, announcing a framework for an interim agreement on reciprocal and mutually beneficial trade.

It reaffirms the shared commitment of President Donald Trump and Prime Minister Narendra Modi to advance negotiations toward a comprehensive US-India Bilateral Trade Agreement (BTA).

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"The Interim Agreement represents an important milestone, signalling clear political intent on both sides to deliver balanced, concrete outcomes that deepen the bilateral economic partnership," USISPF said in a statement.

"The framework outlines meaningful steps to expand market access, reduce tariffs, and address long-standing non-tariff barriers, while strengthening cooperation in critical sectors including industrial goods, agriculture, energy, aerospace, pharmaceuticals, technology, and digital trade. Commitments to improve regulatory transparency, align standards and conformity assessment procedures, and enhance supply chain resilience reflect a pragmatic and forward-looking approach to trade policy," it added.

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USISPF has welcomed the Executive Order signed today by President Trump, eliminating the additional 25 per cent ad valorem duty on imports of Indian-origin goods, effective February 7, 2026.

"Together, these measures lay the groundwork for sustained economic engagement for businesses operating across both markets," USISPF concluded.

Separately, the Indian Pharmaceutical Alliance (IPA) also welcomed the interim agreement between India and the United States.

"Strengthening the India-U.S. medicines partnership is important, as medicine security is a part of national security. Generics are exempt from tariffs. As noted in the Joint Statement, overall pharmaceuticals (including generics) are subject to ongoing U.S. Section 232 investigation. This is consistent with the approach across FTAs," IPA said.

FICCI President Anant Goenka said the India-US trade deal marks a pivotal step forward in advancing economic synergy between two of the world's largest democracies. "This strategic partnership is designed to lower tariffs, ease regulatory bottlenecks, and unlock new opportunities across sectors. As India strengthens its position as a global manufacturing hub, this agreement offers a timely boost to competitiveness, technology access, and supply chain resilience. It's a moment to accelerate value creation--for India, with India, and from India--at a truly global scale."

Abhirup Sarkar, Professor of Economics, Indian Statistical Institute, Kolkata, said an easing of trade barriers, as evident from the joint statement on the bilateral trade agreement, can be considered as a major breakthrough."

The US and India announced in a joint statement that they have reached a framework for an Interim Agreement on reciprocal, mutually beneficial trade (the Interim Agreement) and have agreed on its terms.

The joint statement also noted that India intends to purchase USD 500 billion of US energy products, aircraft and aircraft parts, precious metals, technology products, and coking coal over the next 5 years. India and the United States will significantly increase trade in technology products, including Graphics Processing Units (GPUs) and other goods used in data centres, and expand joint technology cooperation.

On February 2, a phone call between Prime Minister Narendra Modi and US President Donald Trump led to the announcement of the conclusion of negotiations on the much-awaited trade deal.

The Trump administration had imposed tariffs on major exporters to the US, including India and China. There was a 50 per cent tariff on goods from India entering the United States since August 2025. The tariffs have now been reduced to 18 per cent following the leaders' recent phone call.

The BTA, formally proposed in February 2025, seeks to more than double bilateral trade, from the current USD 191 billion to USD 500 billion by 2030. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)