The trade deal with the United States comes just a week after India signed a landmark agreement with the European Union.
Commerce and Industry Minister Piyush Goyal on Wednesday said that India has been able to safeguard its interests in sensitive sectors of agriculture and dairy in trade deals with the United States and that it will help promote Viksit Bharat and Atmanirbhar Bharat initiatives. Emphasising that the deal will help India achieve the target of 2047, Goyal said that the agreement will provide new opportunities to small and medium businessmen, MSMEs, industrialists, skilled workers and industries.
“I would like to reiterate to this august House that in the sector of fertiliser and agriculture, India’s sensitivity has been taken care of. This Agreement will provide new opportunities to small and medium businessmen, MSMEs, industrialists, skilled workers and industries. This will simplify the reach to advanced technologies and help in realising India’s ‘Make in India for the World’, ‘Design in India for the World’ and ‘Innovate in India for the World’,” Goyal said.
India-US trade deal
The deal involves reducing reciprocal tariffs from 25 per cent to 18 per cent and eliminating the additional 25 per cent duty on Russian oil imports into India. India has also agreed to increase imports from the US by USD 500 billion, covering sectors like energy, technology, agriculture, and defence.
The agreement will boost India’s export competitiveness, attract investments, and strengthen economic ties with the US.
Earlier on Tuesday, Commerce and Industry Minister Piyush Goyal said that the India-US Trade Agreement brings tremendous opportunity to the country and is the best deal India has received compared to all its neighbours.
Addressing a press conference a day after the India-US trade deal was announced, Goyal said that India’s interests have been prioritised.”We all know that the Prime Minister, leveraging his friendly relationship and close ties with President Trump, has finalised a trade deal with the United States of America that is the best deal India has received compared to all our neighbours, all the surrounding countries, and all the countries that compete with us. This is a great deal for all of us,” he said.
The Commerce Minister also said that the sensitive sectors of India’s economy, particularly agriculture and dairy, have been protected in the India-US trade deal. Addressing a press conference here, Piyush Goyal said that Prime Minister Narendra Modi has always championed the agriculture and dairy sectors, safeguarding their interests and working tirelessly to ensure a bright future and ample opportunities for their workers.
