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New Delhi: India and the United States have agreed on the framework of a trade deal, and the announcement has been made. Under this agreement, the US will reduce tariffs on Indian goods to 18 percent. This information was provided in a joint statement by India and the US.
A Landmark Agreement
According to the statement, the interim agreement between the United States and India will be a historic milestone in the partnership between the two countries, reflecting a shared commitment to reciprocal and balanced trade based on mutual interests and tangible results.
What are the key terms of the agreement?
The key terms of the agreement include India eliminating or reducing tariffs on a wide range of US industrial goods and food and agricultural products. These include dried grains, sorghum for animal feed, nuts, fresh and processed fruits, soybean oil, wine and spirits, and other products.
According to the joint statement, the US will impose an 18 percent tariff on products manufactured in India. These items include textiles and apparel, leather and footwear, plastics and rubber, organic chemicals, home furnishings, handicrafts, and certain machinery.
Agreement to be implemented immediately
The statement said that the US and India will implement this framework immediately and will work towards finalizing the interim agreement to conclude a mutually beneficial bilateral trade agreement consistent with the agreed framework.
Indian Grains Receive Full Protection
Finger Millet
Wheat
Copra
Barnyard Millet
Amaranth
Kodo Millet
Maize
Pearl Millet
Rice
Foxtail Millet
Barley
Oats
Sorghum
Refined Flour
Husked Grains
Flour (Wheat, Maize, Rice, Pearl Millet, etc.)
INDIA US Trade Deal
Protection for Agricultural Products
Onion
Okra
Potato
Pumpkin
Peas
Garlic
Beans
Cucumber
Mushroom
Capsicum
Zucchini
Chickpeas
Ivy Gourd
Sweet Potato
This trade deal also provides protection to Indian fruit products such as bananas, mangoes, strawberries, dried apples, tamarind, other dried fruits, and citrus fruits including oranges, mandarins, grapefruit, lemons, grapes, etc. Indian dairy products such as milk (liquid, powder, condensed), cream, yogurt, buttermilk, butter, ghee, cheese (mozzarella, blue vein, grated/powdered, etc.), butter oil, paneer, and other products, whey products, etc., have also received protection.
This trade deal provides full protection to Indian spices such as black pepper, cloves, dried green chilies, cinnamon (bark, flowers, etc.), coriander, cumin, asafoetida, ginger, turmeric, carom seeds, fenugreek, mustard, etc. Indian tea products such as black tea, green tea, and tea bags have also received full protection.
A $30 Trillion Market Will Open Up: Piyush Goyal
Commerce and Industry Minister Piyush Goyal said that the agreement on the framework of the India-US trade deal will open up a $30 trillion market for Indian exporters, especially micro, small and medium enterprises (MSMEs), farmers, and fishermen. He said that this increase in exports will create millions of new job opportunities for women and youth. Goyal wrote on the social media platform ‘X’, “Under the decisive leadership of Prime Minister Narendra Modi, India has finalized a framework for an interim agreement with the United States. This will open up a $30 billion market for Indian exporters, especially micro, small and medium enterprises (MSMEs), farmers, and fishermen. The increase in exports will create millions of new job opportunities for our women and youth.”
