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Union Minister of State for Commerce and Industry, Electronics and Information Technology Jitin Prasada on Saturday described the India-US Interim Trade Agreement as a "landmark" and "historic" deal, asserting that it would boost trade, strengthen industries and generate employment, while fully protecting the interests of Indian farmers.
Speaking to ANI, Prasada credited the agreement to Prime Minister Narendra Modi's leadership. "Under the leadership of PM Narendra Modi, this is a landmark deal between India and the US. This is a historic deal. The 50 per cent tariff has been cut down to 18 per cent. Trade will thrive, industries of people will thrive, and employment opportunities will increase," he said. Responding to concerns about the agreement's impact on the agricultural sector, the minister assured that Indian farmers are fully safeguarded and there's no cause for concern. "As far as the doubts in the agricultural sector are concerned, our farmers have been completely safeguarded. There is nothing that would cause loss to our farmers," Prasada said. Earlier today, Union Commerce Minister Piyush Goyal hailed the framework announced for the India-US trade agreement and said it would bring significant benefits to farmers and Indian MSMEs. He said, "Agricultural products from Indian farmers will be exported to the United States at zero duty. At the same time, no tariff concessions have been granted to US agricultural products entering the Indian market. The agreement also makes it clear that genetically modified (GM) food will not be allowed into India." "I can state categorically and without any hesitation that India's farmers, MSMEs, artisans, and craftsmen will not suffer any loss. On the contrary, India will benefit from greater access to the US market," the minister said. The United States and India announced a framework for an Interim Agreement on reciprocal, mutually beneficial trade, reaffirming their commitment to a broader Bilateral Trade Agreement (BTA) launched by President Donald Trump and Prime Minister Narendra Modi on February 13, 2025. As part of the framework, India has agreed to eliminate or reduce tariffs on all US industrial goods and a wide range of US agricultural and food products, including dried distillers' grains (DDGs), red sorghum for animal feed, tree nuts, fresh and processed fruit, soybean oil, wine and spirits, and additional products. On the other hand, the United States will impose a reciprocal tariff of 18 per cent on goods originating in India, including textiles and apparel, leather and footwear, plastic and rubber products, organic chemicals, home decor, artisanal goods and certain machinery. Subject to the successful conclusion of the Interim Agreement, the US has said it will later remove reciprocal tariffs on select items, including generic pharmaceuticals, gems and diamonds, and aircraft parts. (ANI)
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