Tariffs to fall, markets to open, lakhs of jobs: Piyush Goyal on India-US trade deal

The agreement will see the US cut reciprocal tariffs on Indian goods to 18 per cent and eliminate duties on products such as generic pharmaceuticals, gems and diamonds, and aircraft parts, boosting export opportunities across key sectors.

As India and the United States on Saturday unveiled an interim trade pact, marking a significant milestone after months of negotiations, the Union Minister of Commerce and Industries said the agreement would open up a USD 30 trillion market for Indian exporters, and would create lakhs of new job opportunities for women and youth across the country.

In a joint statement, India and the US announced on Saturday that they have reached a framework for an interim trade agreement under which tariffs on New Delhi will be reduced to 18 per cent. Piyush Goyal was closely involved in the trade negotiations, both in New Delhi and in Washington.

"Under the decisive leadership of PM Narendra Modi ji, India has reached a framework for an Interim Agreement with the US. This will open a USD 30 trillion market for Indian exporters, especially MSMEs, farmers and fishermen," Goyal said in a social media post.

Explaining the key features of the agreement, he said the US will reduce reciprocal tariffs on Indian goods to 18 per cent, opening up significant market 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.

Additionally, the minister said import duties will be brought down to zero on a wide range of products, including generic pharmaceuticals, gems and diamonds, and aircraft parts, further boosting India’s export competitiveness and strengthening the Make in India initiative.

"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," he added.