According to Odaily Planet Daily, India's Mint newspaper reported that three people familiar with the matter revealed that India and the United States are close to reaching a long-stalled trade agreement that could reduce current tariffs on Indian exports from a punitive 50% to 15-16%. With energy and agriculture becoming key bargaining chips in the negotiations, the sources said India may agree to gradually reduce its oil imports from Russia. These purchases would result in a 25% punitive tariff on Indian exports, higher than the 25% equivalent tariff announced in April. Currently, Russia accounts for approximately 34% of India's crude oil imports. The country currently imports approximately 10% of its oil and natural gas needs (by value) from the United States. India may also allow more non-GMO US corn and soybean meal into its market. Furthermore, India is pushing for a mechanism to review tariffs and market access in the agreement over time. (Jinshi)