India, Feb. 3 -- After almost year-long negotiations, India and the United States finally reached a trade understanding which was welcomed by the US Chamber of Commerce President and CEO Suzanne P. Clark, who said that the development will benefit companies of both the countries.

She said that the chamber looks forward to reviewing the details of the deal and that they are optimistic that the deal announcements are a first step towards a "comprehensive trade agreement".

Track live updates of India-US trade deal here.

"We congratulate the U.S. and Indian governments on their announcement to reduce tariffs and non-tariff barriers that will benefit American and Indian companies and workers in both great nations. We appreciate the efforts ...