India, Feb. 8 -- India and the US moved closer to an interim trade deal on Saturday, releasing a joint statement that confirms US tariffs on Indian goods have dropped to 18% from 50% and details a framework committing both countries to zero duties on select products, market opening measures and overall deeper economic ties - a breakthrough almost a year in the making.

At the heart of the announcements were two documents - the joint statement, which lays out the path for the broader economic cooperation, and an executive order (EO) by president Donald Trump that removed the 25% US levy on Indian goods over New Delhi's energy ties with Russia. A second EO, officials said, formally reducing the 25% so-called reciprocal tariff to 18% was exp...