India, Feb. 7 -- Less than a week after the announcement of a trade deal in principle, India and the United States have issued a joint statement which gives more details about what exactly has been agreed upon.

Some details will still require more clarification, and some items have been left for future negotiations. Follow live updates related to trade deal here.

But here are the key takeaways from Saturday's announcements.

Of the existing 50% US tariffs on India, 25% were on account of the latter's Russian oil purchase. It was both unfair and inconsistent. The former because the Biden administration was fine with India buying Russian crude to prevent an oil market disruption, and the latter because bigger buyers of Russian oil such as...