|
Union Commerce Minister Piyush Goyal on Saturday lauded India's framework for an Interim Agreement with the United States, stating that it would unlock access to a USD 30 trillion market for Indian exporters, particularly benefiting MSMEs, farmers, and fishermen.
In an 'X' post, Goyal stated that an agreement would significantly boost exports and create lakhs of new jobs, especially for women and youth. "Under the decisive leadership of PM Narendra Modi, India has reached a framework for an Interim Agreement with the US. This will open a $30 trillion market for Indian exporters, especially MSMEs, farmers and fishermen. The increase in exports will create lakhs of new job opportunities for our women and youth," the 'X' post said. The Commerce Minister asserted that under the framework, the US will reduce reciprocal tariffs on Indian goods to 18%, creating major opportunities in sectors such as textiles and apparel, leather and footwear, plastic and rubber products, organic chemicals, home decor, artisanal goods, and select machinery in the world's largest economy. "As part of this framework, the US will slash reciprocal tariffs on Indian goods to 18%, providing a huge market opportunity in key sectors such as textiles & apparel, leather & footwear, plastic & rubber products, organic chemicals, home decor, artisanal products, and select machinery in the world's largest economy," the 'X' post added. "Additionally, tariffs will go down to zero on a wide range of goods, including generic pharmaceuticals, gems & diamonds, and aircraft parts, thereby further enhancing India's export competitiveness and Make in India. India will also get exemptions under section 232 on aircraft parts, tariff rate quota on auto parts and negotiated outcomes on generic pharmaceuticals, leading to tangible export gains in these sectors," added the 'X' post. The Union Minister informed that the agreement safeguards India's farmers and rural livelihoods by fully protecting sensitive agricultural and dairy products such as maize, wheat, rice, soy, poultry, milk, cheese, fuel ethanol, tobacco, certain vegetables, and meat. He added that the agreement reflects India and the US's shared commitment to deepening economic cooperation and promoting sustainable growth for businesses and people in both countries. "At the same time, the Agreement reflects India's commitment to safeguarding farmers' interests and sustaining rural livelihoods by completely protecting sensitive agricultural and dairy products, including maize, wheat, rice, soya, poultry, milk, cheese, ethanol(fuel), tobacco, certain vegetables, meat, etc. This agreement will help India and the US remain focused on working together to further deepen economic cooperation, reflecting shared commitment to sustainable growth for our people and businesses," said the 'X' post. The United States and India on Friday announced a framework for an Interim Agreement on reciprocal and mutually beneficial trade, marking a significant step toward advancing the broader US-India Bilateral Trade Agreement (BTA) negotiations launched by President Donald Trump and Prime Minister Narendra Modi in February 2025, a joint statement released by the White House and Commerce Ministry stated. The Interim Agreement between the United States and India will represent a historic milestone in our countries' partnership, demonstrating a shared commitment to reciprocal, balanced trade based on mutual interests and concrete outcomes, the statement said. (ANI)
|
