New Delhi: The outline of the trade deal agreement between India and America has been agreed upon and has also been announced. Under this agreement, America will reduce the tariff on India to 18 percent. This information was given in a joint statement by India and America.
will prove to be a milestone
According to the statement, the interim agreement between the United States and India marks a historic milestone in the two countries’ partnership, reflecting a shared commitment to reciprocal and balanced trade based on mutual interests and concrete results.
What are the main terms of the agreement?
Key terms of the agreement include India eliminating or reducing tariffs on all US industrial goods and a wide range of food and agricultural products. These include dry grains, red sorghum for animal feed, nuts, fresh and processed fruits, soybean oil, wine and spirits and other products.
According to the joint statement, America will impose a tariff of 18 percent on products produced in India. These goods include clothing and apparel, leather and footwear, plastics and rubber, organic chemicals, home furnishing goods, handicraft products and some machinery.
will implement the agreement immediately
The statement said the US and India will immediately implement this framework and work towards finalizing an interim agreement to complete a mutually beneficial bilateral trade agreement consistent with the agreed framework.
Indian grains got full protection
- Ragi
- wheat
- copra
- Siamak
- amaranth
- beat up
- Maize
- Millet
- Rice
- cornice
- barley
- oats
- Sorghum
- Fine flour
- hulled grains
- Flour (wheat, corn, rice, millet, etc.)
india us trade deal
protection of agricultural products
- Onion
- Bhidi
- Potato
- Pumpkin
- Pea
- Garlic
- beans
- Cucumber
- mushroom
- Capsicum
- zucchini
- Chickpea
- kundru
- sweet potatoes
India-US trade deal
In this trade deal, apart from banana, mango, strawberry, dry apple, tamarind, other dry fruits, Indian fruit products like orange, mandarin grapefruit, lemon, grapes etc. have also got protection. Indian milk products like milk (liquid, powdered, condensed), cream, yogurt, butter milk, butter, ghee, cheese (mozzarella, blue edge, grated/powdered etc.), butter oil, paneer and other products, whey products etc. have also got protection.
India-US trade deal
In this trade deal, Indian spices like black pepper, cloves, dry green chillies, cinnamon (bark, flowers etc.), coriander, cumin, asafoetida, ginger, turmeric, celery, fenugreek, mustard, mustard etc. have got full protection. Besides, Indian teas like black tea, green tea and tea bags have also got full protection.
Market worth 30 thousand billion dollars will open: Piyush Goyal
Commerce and Industry Minister Piyush Goyal said that the agreement on the framework of the India-US trade deal will open up a market worth $30 trillion for Indian exporters, especially micro, small and medium enterprises (MSMEs), farmers and fishermen. He said that this along with increase in exports will create lakhs of new employment opportunities for women and youth. Goyal wrote on the social media platform ‘X’, “Under the decisive leadership of Prime Minister Narendra Modi, India has prepared the framework for an interim agreement with America.” This will open up a market worth $30 trillion for Indian exporters, especially micro, small and medium enterprises (MSMEs), farmers and fishermen. The increase in exports will create lakhs of new employment opportunities for our women and youth.
He said that under this framework, the US will reduce retaliatory tariffs on Indian goods to 18 percent. This will provide huge opportunities in the world’s largest economy (America) in key sectors like textiles and apparel, leather and footwear, plastic and rubber products, organic chemicals, home furnishing items, handicraft products and select machinery. Additionally, tariffs on a range of goods including generic drugs, gems and diamonds and aircraft parts will be reduced to zero, further boosting India’s export competitiveness and ‘Make in India’. Goyal said, “India will also benefit from exemption under Section 232 on aircraft parts and duty rate quota on vehicle parts, which will lead to strong growth in exports in these sectors.”
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