00:00India and the United States are moving closer to finalising a major trade deal
00:05with officials suggesting a formal agreement could be signed as early as March.
00:10India's Trade Minister, Piyush Goyal, says both sides are expected to issue a joint statement within days,
00:17potentially paving the way for the US to cut tariffs on Indian exports from as high as 50% to around 18%.
00:25Under the deal, Goyal said India plans to import at least $500 billion worth of US energy, aircraft and semiconductors over the next five years.
00:36The agreement will represent one of the most substantial trade realignments between the two countries in years.
00:43On Monday, US President Donald Trump announced on social media that a trade deal had been reached with India
00:48following a phone call with Prime Minister Narendra Modi.
00:51Trump claimed that New Delhi would stop buying Russian oil as part of the agreement.
00:57India, however, has not commented on that,
00:59while Russia said it has received no word from New Delhi about halting oil purchases.
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