Union Commerce Minister Piyush Goyal on Saturday said that the India-US trade deal will open a $30 trillion market for Indian exporters. Hailing the newly-signed framework for the interim agreement, Goyal said it will particularly benefit Indian MSMEs, farmers and fishermen as well as protect Indian farmers.
Posting on X, the Commerce Minister noted that the India-US trade deal will create lakhs of job opportunities.
“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 $30 trillion market for Indian exporters, especially MSMEs, farmers and fishermen. The increase in exports will create lakhs of new job opportunities for our women and youth,” he said.
Piyush Goyal explains India-US trade deal
Explaining the framework of the Interim Agreement with the United States, Piyush Goyal said that the US will slash its tariffs from 50% to 18%, benefitting key sectors.
“As part of this framework, the US will slash reciprocal tariffs on Indian goods to 18%, providing a huge market opportunity in key sectors such as textiles & apparel, leather & footwear, plastic & rubber products, organic chemicals, home décor, artisanal products, and select machinery in the world’s largest economy,” he said.
Tariff will go down to zero on a wide range of Indian items, enhancing India’s competitiveness in the export sector.
“Additionally, 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,” Goyal said.
“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,” he added.
US-India trade deal protects Indian farmers: Goyal
The India-US trade deal interim agreement will also protect farmers’ interests to sustain rural livelihood, Piyush Goyal said.
“At the same time, 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 said.
“This agreement will help India and the US remain focused on working together to further deepen economic cooperation, reflecting shared commitment to sustainable growth for our people and businesses. Towards realising Viksit Bharat!”
The United States and India on Friday announced a framework for an Interim Agreement on reciprocal and mutually beneficial trade, marking a significant step toward advancing the broader US-India Bilateral Trade Agreement (BTA) negotiations launched by President Donald Trump and Prime Minister Narendra Modi in February 2025, a joint statement released by the White House and Commerce Ministry stated.