India-US trade pact to expand market access for American farmers, producers: USTR

US President Donald Trump is expanding American farmers and producers' access to one of the largest economies in the world under a trade deal with India, the United States Trade Representative has (USTR) said.

The agency, responsible for developing and promoting US foreign trade policies, also said that India has committed to eliminating or lowering tariffs for all US industrial goods and a wide array of agricultural products.

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"From tree nuts and dried distillers' grains to red sorghum and fresh and processed fruit, the US-India agreement will provide new market access for American products," the USTR said in a social media post on Friday local time.

"President Trump is expanding American farmers and producers' access to one of the largest economies in the world, with India committing to eliminate or lower tariffs for all US industrial goods and a wide array of agricultural products; address long-standing non-tariff barriers to trade; buy more American goods and services and purchase over $500 billion of US products," it said in another post.

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Hailing the agreement, US Trade Representative Ambassador Jamieson Greer said President Donald Trump's "dealmaking" is unlocking one of the largest economies in the world for American workers and producers.

"Today's announcement demonstrates the deepening ties between the United States and India as we create new opportunities for farmers and entrepreneurs in both countries," Greer said in a statement.

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The White House, in an India-US joint statement, said the two sides have reached a framework for an interim agreement on reciprocal and mutually beneficial trade.

Trump's dealmaking is lowering tariffs for all US industrial goods and a wide array of agricultural products, while removing tariff and non-tariff barriers to open up India's market of over 1.4 billion people to American products, Greer said.

He thanked Union Minister of Commerce and Industry Piyush Goyal for his leadership and commitment towards "achieving fair and balanced trade with the US".