India-US joint statement remains basis for interim trade agreement: New Delhi

New Delhi: India on Thursday said its joint statement with the US remains the basis for a proposed interim trade agreement, and that the amendments in a White House fact sheet reflect the shared understandings.

The fact sheet, brought out by the White House on Monday, triggered a controversy as it mentioned that India would reduce tariffs on "certain pulses" and had "committed" to buying American goods, including energy and technology, worth USD 500 billion over five years.

The document was revised later and the contentious issues were removed.

"As you are aware, the India-US joint statement on the framework for an interim agreement on reciprocal and mutually beneficial trade was issued on February 7," External Affairs Ministry spokesperson Randhir Jaiswal said at his weekly media briefing.

"The joint statement is the framework and remains the basis of our mutual understanding in the matter. Both sides will now work towards implementing this framework and finalising the interim agreement," he said.

Jaiswal was responding to a question on the issue.

"The amendments in the US fact sheet reflect the shared understandings contained in the joint statement," he said.

It is learnt that the Indian side flagged concerns over the formulations in the fact sheet following which the White House made the amendments.

The revised fact sheet issued Tuesday removed the reference made regarding pulses.

"India will eliminate or reduce tariffs on all US industrial goods and a wide range of US food and agricultural products, including dried distillers' grains (DDGs), red sorghum, tree nuts, fresh and processed fruit, soybean oil, wine and spirits, and additional products," it said.

"India intends to buy more American products and purchase over $500 billion of US energy, information and communication technology, coal, and other products," it said.

It also removed a reference to India removing its digital services taxes. The amended document said that the Indian side is committed to negotiate digital trade rules.

The amended fact sheet also stated that India "intends to buy" more US goods.

In a related development, US Ambassador Sergio Gor met Foreign Secretary Vikram Misri and discussed ways to advance the India-US partnership.

"Always a pleasure to meet with Foreign Secretary @VikramMisri. We had a great discussion on advancing the U.S.-India partnership. So many opportunities ahead now that the trade deal has been finalized!," Gor said on social media.

Following a phone conversation between Prime Minister Narendra Modi and US President Donald Trump, both sides announced reduction of US tariffs on Indian goods to 18 per cent from 50 per cent.

To a question on Trump's Board of Peace, Jaiswal said India received an invitation for it and New Delhi is currently considering it.

"As far as the Board of Peace is concerned, we have received an invitation from the US government to join the Board of Peace. We are currently considering this proposal and reviewing it," he said.

Jaiswal said India has consistently supported efforts that promote peace, stability, and dialogue in West Asia.

"Our prime minister has also welcomed all such initiatives that pave the way for long-term and lasting peace in the entire region, including Gaza. So, with regard to the invitation to join the Board of Peace, we are presently reviewing it," he said.