India and the United States are moving swiftly toward finalising the first tranche of a bilateral trade agreement that could be concluded by mid-July, Indians Trade

The meeting comes as India has increased imports of Venezuelan crude in recent months, making the South American country a more important supplier for the world’s third-largest oil importer. India imports about 90% of its oil. Around half of those supplies pass through the Strait of Hormuz, a key shipping route effectively closed by the Iran war.