India, Feb. 8 -- India and the United States have agreed on a framework for an interim trade agreement aimed at easing trade tensions and providing immediate market relief, while preserving protections for sensitive sectors such as agriculture and dairy. The agreement, expected to be signed by mid-March, is seen as a precursor to a comprehensive Bilateral Trade Agreement (BTA).

"The US and India are pleased to announce that they have reached a framework for an Interim Agreement regarding reciprocal and mutually beneficial trade," the joint statement said, highlighting the shared commitment to resilient supply chains and open markets.

A major highlight of the framework is the reduction of tariffs on Indian manufacturing exports. The Unit...