Feb 07, Kathmandu - The interim trade agreement between the US and India has been formally announced.

The two countries issued a joint statement on the agreement on Saturday, BBC Hindi reported.

On February 2, US President Donald Trump announced a trade agreement with India. Along with this, it was also announced that the 50 percent tariff against India would be reduced to 18 percent.

However, detailed information about the agreement was not given at the time. However, now that the joint statement has been issued, many things have become clear.

Indian Commerce Minister Piyush Goyal, while announcing the agreement through X, stated that the agreement has opened a $ 30 trillion market for Indian exporters, farmers and fishermen.

In an executive order issued by the White House, Trump said, ‘India has committed to stop importing oil from Russia, directly or indirectly.’

India has said that it will buy energy products from the US. In addition, it is stated that it has agreed to an agreement with the US to increase defense cooperation over the next 10 years.