Union Commerce and Industry Minister Piyush Goyal made a major announcement during a press conference on the India–US trade deal. He listed the products on which the United States will impose 0% tariffs for India, including pharmaceutical products as well as aircraft and machinery parts.
After the framework for the interim trade agreement between India and the US was released, the minister shared detailed information on Saturday. He clearly stated that India has not offered any concessions to the US on agricultural and dairy products in order to protect farmers’ interests.
He said the US is offering zero duty on several Indian exports, including gems and jewellery, diamonds, medicines, spices, and many other goods.
Products with 0% Tariff
Gems and diamonds, pharmaceutical products, smartphones, spices, tea and coffee, coconut and coconut oil, vegetable oil, cashew nuts, fruits and vegetables such as bananas, mangoes, pineapples and mushrooms, root vegetables, processed foods like guava jam, aircraft parts, machinery parts, essential oils, aluminium parts, zinc oxide, minerals, natural rubber, and other natural products are included.
No Concessions on Agriculture and Dairy
The minister said India has not given any concessions on dairy or sensitive agricultural products. Items such as meat, poultry, dairy products, soybeans, maize, rice, wheat, millet, sorghum, tobacco, ethanol, and several other goods remain outside any tariff relaxation.
$30 Trillion Market Opens Up
Piyush Goyal said the agreement will open access to the nearly $30 trillion US economy for Indian exporters at lower tariffs. On some products, US tariffs are being reduced from around 50% to nearly 18%, which is lower than the rates faced by several competing countries.
He described the deal as an important step toward India’s goal of becoming a developed nation by 2047 and said it would help achieve the target of $500 billion in bilateral trade between India and the United States. The agreement is expected to create new opportunities for Indian industries and exporters in the coming years.
The objective of this agreement was to achieve $500 billion in annual bilateral trade between India and the United States. The day this goal moves closer is being described as one that will be written in golden letters. A wave of optimism is being seen across the country, with strong enthusiasm in every sector about the future. It is believed that new opportunities will emerge in the coming years, and that the United States — the world’s largest economy, worth nearly $30 trillion — will become an even more important and preferred market for Indian exporters
About The Author
