India’s Commerce and Industry Minister, Piyush Goyal, highlighted that India has safeguarded its agriculture and dairy sectors in the recent US trade deal. Compared to other nations, India now faces the lowest tariffs from the US. Notably, China faces tariffs exceeding 35%, while Bangladesh and Vietnam encounter 25% tariffs.
Goyal revealed that various Indian products, such as tea, spices, and fruits, will now enter the US market duty-free. Additionally, items like vegetable roots, cereals, bakery products, and gems will enjoy duty-free access, enhancing India’s export competitiveness. Sectors like aircraft parts, pharmaceuticals, and machinery parts are set to benefit significantly.
The trade agreement aims to protect farmers’ interests and livelihoods while expanding export avenues. Goyal assured that genetically-modified products will not be permitted in India, and staple foods like maize, rice, and wheat will remain unaffected. Furthermore, products like banana, citrus, meat, poultry, dairy items, and cereals will not face any adverse impacts from the deal.
Textile and leather industries are poised to gain substantial benefits, with silk products now included under zero duty. Goyal emphasized that the trade pact will foster economic cooperation between India and the US, opening up a vast $30 trillion market for Indian exporters, particularly benefiting MSMEs, farmers, and fishermen. The surge in exports is expected to generate numerous job opportunities for women and youth in the country.
