WASHINGTON (REUTERS)

The United States and India on Friday released a framework for an interim trade agreement that the countries said affirms their commitment ​to negotiations towards a broader bilateral trade deal.

"The ‌United States and India will promptly ​implement this framework and work towards ⁠finalising ‌the Interim Agreement with a view to concluding a mutually beneficial BTA consistent with the roadmap agreed in the Terms of ⁠Reference," the countries said in a joint statement.

The ⁠interim trade agreement comes after US President Donald Trump's
announcement of a deal with India on ​Monday to slash US tariffs on Indian goods to 18% from 50% in exchange for India halting Russian oil purchases and lowering trade barriers.

Washington and New ​Delhi are expected to ‍sign a formal trade deal in March, after which India will lower tariffs on US goods, Indian Trade Minister ‍Piyush Goyal said on Thursday.

Trump announced ⁠the deal on ​social media following a call with Indian Prime Minister Narendra Modi, ​noting that India would now buy oil ‍from the US and potentially Venezuela.

Also on Friday, Trump signed an executive order rescinding a punitive 25% duty on all imports from India over its purchases of ‌Russian oil.