India/US unveil interim trade framework, India to shift from Russian oil

US to keep 18 per cent tariff

But the deal will apply an 18 per cent tariff rate on most imports to the US from India, including textiles and apparel, leather and footwear, plastic and rubber, organic chemicals, home decor, artisanal products and certain machinery.

India will get the same tariff relief granted to other allied countries that have signed trade deals with the United States on certain aircraft and aircraft parts, and will receive a quota for auto parts imports that will be subject to a lower tariff rate, according to the statement.

Depending on the results of the Trump administration's tariff investigation into pharmaceuticals and their ingredients, "India will receive negotiated outcomes with respect to generic pharmaceuticals and ingredients," the statement said.

Goyal hailed the framework agreement as opening a market worth $30 trillion - the US annual GDP - to Indian exporters, especially farmers, fishermen, and micro and small-to-medium enterprises.

Goyal had said on Thursday that Washington and New Delhi aimed to sign a formal trade agreement in March, after which India's tariff cuts on US exports would go into effect.