As the United States and India concluded an interim trade agreement, US tariffs on Indian goods have been lowered to 18 percent. Prime Minister Narendra Modi expressed his delight, describing it as positive news for both nations. The agreement signifies the deepening trust and dynamism in the India-US partnership, bolstering initiatives like ‘Make in India.’
PM Modi emphasized that the pact will create new avenues for Indian farmers, entrepreneurs, MSMEs, startup innovators, and fishermen, leading to substantial employment opportunities for women and youth. The collaboration between India and the US aims to enhance investment and technology partnerships, fostering innovation and strengthening supply chains for global growth.
Commerce and Industry Minister Piyush Goyal highlighted that the trade deal will facilitate economic cooperation between the two countries, focusing on sustainable growth. This agreement is set to open up a significant $30 trillion market for Indian exporters, particularly benefiting MSMEs, farmers, and fishermen, thereby generating numerous job prospects.
The framework of the agreement includes a reduction of reciprocal tariffs on Indian goods to 18 percent, presenting a lucrative market opportunity in various sectors such as textiles, apparel, leather products, organic chemicals, and more in the US. Furthermore, the deal will eliminate tariffs on goods like pharmaceuticals, gems, diamonds, and aircraft parts, enhancing India’s export competitiveness and supporting the ‘Make in India’ initiative.
