The US-India deal: It will not hurt interests of farmers, artisans and MSMEs, says Goyal
Virendra Pandit
New Delhi: Union Minister for Commerce and Industry Piyush Goyal, who led India’s negotiations with the US, on Saturday said the two countries have finalised an interim trade deal framework aimed at boosting bilateral trade to USD 500 billion annually.
Addressing a press conference, he said the framework, concluded late on Friday night, has generated widespread excitement across India, opening new opportunities for farmers, exporters, and industries.
“This day will be written in golden letters. There is a wave of happiness across the country. New opportunities are opening up on a very large scale, especially for our farmers, artisans, and manufacturers,” the media reported.
Under the interim framework, the US has agreed to reduce tariffs on imports of a wide range of Indian goods. Duties on products such as gems and jewellery, pharmaceutical items, smartphones, machinery parts, textiles, and leather have been either lowered or eliminated.
The minister highlighted the importance of protecting Indian farmers, noting: “Products made by our farmers, including spices, tea, coffee, coconut, cashew, mango, banana, guava, pineapple, and processed items like jams and juices, will now face zero reciprocal tariff in the United States. Sensitive commodities like rice, wheat, sugar, millets, and pulses remain fully protected.”
The agreement also extends benefits to other sectors. Machinery, aircraft parts, toys, silk, leather, home décor items, and high-value technological products including semiconductors and quantum devices are expected to gain greater access to the US market.
Goyal emphasised the broader economic impact of the deal, saying “This deal does not harm India or the US but provides new opportunities for our youth and industry. Market access in the United States will help India’s economy grow and support employment in multiple sectors.”
With the interim trade framework in place, both countries will continue parallel negotiations on a full Bilateral Trade Agreement (BTA).
Meanwhile, Indian businesses and exporters are expected to benefit from reduced trade uncertainty and immediate opportunities across agriculture, manufacturing, and technology sectors.
“I have complete faith that 1.4 billion Indians will celebrate this achievement. This pact is a step towards equitable and balanced growth, creating new hopes and determination for our country’s future,” said Goyal, adding that “It will expand India’s exports, strengthen ties with the US, and provide long-term opportunities across agriculture, manufacturing, and technology, while advancing the Viksit Bharat Vision 2047 of a developed and globally competitive India.”
