India and the US have finalized the framework for an interim trade deal. Talks are ongoing to turn this into a signed legal agreement. "The joint statement lays down the contours of the deal. Now, the contours of the deal have to be translated into a legal agreement, which will be signed between the two sides," said an official named Agrawal. Chief negotiator Darpan Jain will lead a delegation to the US next week to finalize the legal pact. Discussions may continue in March and July if needed. "There is an effort to close and sign the deal in March, but I have not put a deadline on it," Agrawal said. The US has already dropped 25% punitive tariffs on Indian crude oil imports from Russia. It is now processing a cut in reciprocal tariffs on Indian goods from 25% to 18%. Agrawal expects this to happen this week or soon after during talks in Washington. Under the pact, the 18% tariff cut will apply immediately, while other tariff reductions to zero will happen after the legal deal is signed. India will also extend its tariff reductions only after the pact is finalized. Regarding textiles, India imports about $200-250 million of US cotton, the same type that gets preferential access in other trade deals like Bangladesh’s. India is a net cotton importer aiming to expand textile exports to the US and EU markets. Agriculture offers huge potential. India’s current agri exports to the US stand at $2.8 billion, with $1.5 billion imports. Overall, India imports $35 billion and exports $51-52 billion in agri goods. Trade deals with the US and EU open a $400 billion opportunity in agriculture. The US fact sheet mentions agriculture and digital trade, but these topics were not highlighted in the joint statement. Officials said digital taxes and other digital trade barriers have not yet been discussed in detail. India has not agreed to import GM crops and insists on biosecurity checks. Any tariff rate quotas on agricultural goods will follow established rules. Both the US and EU are powerful $400 billion agriculture economies. The ongoing talks and agreements could boost trade ties and open new markets for Indian goods, especially in textiles and agriculture.