Commerce and Industry Minister Piyush Goyal said that the India-US interim trade agreement is fair, equitable and balanced, and ensures complete protection of farmers’ interests. He said agricultural and dairy products adequately produced in India, including maize, wheat, rice, sugar, soybean and poultry, have been kept outside tariff concessions. The Minister added that the agreement aims to promote exports, generate employment and advance India’s journey towards Viksit Bharat 2047.

Briefing the media on the India-US Joint Statement in New Delhi yesterday, Mr Goyal said that the earlier 50 per cent reciprocal tariff has now been reduced to 18 per cent for Indian exports under the agreement. He pointed out that India now enjoys lower tariff rates compared to its neighbouring countries, including China, Pakistan, Bangladesh and Vietnam. Mr Goyal highlighted that the deal safeguards the agriculture and dairy sectors, while several agricultural products such as spices, tea, coffee, cashew nuts, chestnuts, avocado, banana, mango, kiwi and papaya will attract zero duty in the United States. He added that the trade agreement has been welcomed across all sectors of the country.

The Commerce and Industry Minister said the government aims to raise India-US bilateral trade to 45 lakh crore rupees in the coming years. He said new opportunities have opened up for investors following the agreement and urged them to take advantage of them. He added that MSMEs, artisans, weavers and youth engaged in export-oriented sectors will be among the key beneficiaries.