Regarding the India-US trade deal, both the countries have issued the framework of an interim trade agreement. This has given new momentum to finalizing the bilateral trade agreement between the two countries. Commerce and Industry Minister Piyush Goyal posted on social media platform X that America and India will soon implement this framework.
‘Farmers’ interests are completely safe’
The fear created regarding India’s agricultural and dairy products has now completely ended. Modi government has made it clear that there will be no compromise with the interests of Indian farmers. Union Minister Piyush Goyal said that sensitive agricultural and dairy products like maize, wheat, rice, soya, poultry, milk, cheese, ethanol (fuel), tobacco, some vegetables and meat have been completely protected. He said that this agreement will help India and America move forward with a shared resolve to deepen their economic cooperation, which is extremely important for our citizens and businesses.
Tariff reduced on clothes and machinery parts
According to Reuters, India will reconsider tariffs on American industrial and agricultural products. Especially the tariffs on dry fruits, fruits, soya oil, liquor and other food products will either be removed or reduced. America will also impose 18 percent reciprocal tariff on Indian goods like textiles, apparel and machinery instead of 25 percent.
Farmers and fishermen got a market worth 30 trillion dollars
Piyush Goyal said that this trade deal will open the doors of a huge market worth 30 trillion dollars for small traders, farmers and fishermen. Increase in exports will create millions of new jobs for women and youth. By reducing the reciprocal tariff on Indian goods to 18 percent, Indian products related to key sectors like textiles, leather, footwear, plastic and rubber products, organic chemicals, home decor, handicrafts and select machinery will now get access to a bigger market in the world’s largest economy.
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