‘Golden letter day’: Piyush Goyal hails India-US trade deal, rules out agriculture concessions

Union Minister Piyush Goyal described the announcement of the interim framework of the India-US trade agreement on Saturday (Feb 07) as "the day etched in golden letter." He stated that the $30 trillion US economy will be open to Indian exporters, with the lowest tariffs compared to neighbouring countries. At the same time, several sectors, such as gems and pharmaceuticals, are exempt from tariffs.

Speaking at a press conference, Goyal said, “Today will be written in golden words. 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.”

"A $30 trillion economy is now open to our exporters. This joint statement gives every Indian citizen an opportunity for new hope, enthusiasm, and new resolutions. The 50 per cent tariff that Indian exporters faced will now be only 18 per cent. We will have the lowest tariffs compared to our neighbouring countries. Exporters of gems and pharmaceuticals will face zero duty in the US," he said.

The commerce minister assured that Indian farmers remain protected in this agreement, while Indian farm products will be exported to the United States at Zero duty. "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 for agricultural products from US farmers entering the Indian market."

Also Read: ‘Will attack their bases’: Iran’s BIG warning to Trump if US attacks Tehran

“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,” Goyal said.

He emphasised that the agreement clearly states that "genetically modified (GM) food will not be allowed into India."

Under the agreement, tariffs on a wide range of goods, including generic pharmaceuticals, gems & diamonds, and aircraft parts, will be reduced to zero.

"Tariffs will go down to zero on a wide range of goods, including generic pharmaceuticals, gems & diamonds, and aircraft parts, thereby further enhancing India's export competitiveness and Make in India. India will also get exemptions under section 232 on aircraft parts, tariff rate quota on auto parts and negotiated outcomes on generic pharmaceuticals, leading to tangible export gains in these sectors," Goyal added.