|
Industry chambers FICCI and PHDCCI have hailed the India-US trade deal framework agreement, asserting that it will pave the way for expanding market access for exporters in both countries.
"This interim tariff agreement marks a significant development in U.S.-India trade relations, potentially expanding market access for exporters in both countries and providing a stable and comprehensive trade framework," said Ranjeet Mehta, CEO and Secretary General, PHDCCI, in a statement. The US and India have today announced a joint statement that they have reached a framework for an Interim Agreement regarding reciprocal and mutually beneficial trade (interim agreement), and have agreed to a framework. "The India-US trade deal represents a major stride in strengthening economic ties between two leading democracies. By addressing tariffs, regulatory barriers, and supply chain constraints, it creates fresh momentum for manufacturing, innovation, and technology collaboration," Jyoti Vij, Director General, FICCI, said. For India, she said, this is an opportunity to scale globally - building competitiveness at home while integrating more deeply with global value chains. Ajay Singh, Chairman and Managing Director, SpiceJet said the finalisation of the India-US trade deal is a watershed moment for India and a major boost for the 'Made in India' brand. "I congratulate the Government of India on this historic achievement. This landmark agreement is a testament to the inspiring and decisive leadership of Prime Minister Narendra Modi, who has navigated complex global challenges with confidence and determination while keeping the interests of India's 1.4 billion citizens firmly at the forefront. Coming on the back of recent trade agreements with the EU and the UK, this deal reinforces India's growing confidence and credibility on the global stage and lays the foundation for sustained growth and stronger international partnerships," Singh said in a brief statement. India will get tariff-free access to certain aircraft and aircraft parts from the US under this interim trade deal. Both India and the US decided to address non-tariff barriers affecting bilateral trade. India agrees to address long-standing barriers to trade in US medical devices and to eliminate restrictive import licensing procedures that delay market access for, or impose quantitative restrictions on, US Information and Communication Technology (ICT) goods. The joint statement also noted that India intends to purchase USD 500 billion of US energy products, aircraft and aircraft parts, precious metals, technology products, and coking coal over the next 5 years. India and the United States will significantly increase trade in technology products, including Graphics Processing Units (GPUs) and other goods used in data centres, and expand joint technology cooperation. On February 2, a phone call between Prime Minister Narendra Modi and US President Donald Trump led to the announcement of the conclusion of negotiations on the much-awaited trade deal. The Trump administration had imposed tariffs on major exporters to the US, including India and China. There was a 50 per cent tariff on goods from India entering the United States since August 2025. The tariffs have now been reduced to 18 per cent following the leaders' recent phone call. The BTA, formally proposed in February 2025, seeks to more than double bilateral trade, from the current USD 191 billion to USD 500 billion by 2030. (ANI)
|
