India-US Trade Deal: Piyush Goyal Reveals Indian Goods with Zero US Tariffs
The India-US trade deal is poised to significantly enhance export opportunities for India, according to Commerce Minister Piyush Goyal. Speaking on Saturday, Goyal confirmed that the agreement includes a competitive tariff rate of 18%, which replaces the previous reciprocal tariff of 50%. The deal is expected to be finalized soon.
Key Benefits of the India-US Trade Deal
Goyal emphasized that this trade deal will provide crucial support to Indian exporters. He highlighted that the reduced tariff rates will boost India’s competitive advantage compared to neighboring countries. The agreement is portrayed as a promising step forward for India’s economic growth.
Indian Goods with Zero US Tariffs
Under the new deal, certain Indian exports will be subject to zero tariffs when they reach the US. The following items will benefit from this significant concession:
- Gems and diamonds
- Pharmaceutical products
- Aircraft parts
- Smartphones
- Spices
- Tea
- Coffee
- Coconut and coconut oil
- Areca nut
- Brazil nut
- Cashew nut
- Chestnut
- Vegetable wax
- Avocado
- Banana
- Mango
- Pineapple
- Mushrooms
- Some bakery products
Impact on Indian Agriculture
Piyush Goyal reassured that India’s agricultural and dairy sectors will remain protected under this trade agreement. He stated that no genetically modified products from the US will be permitted in India as part of the deal.
Indian agricultural products will enjoy zero tariffs when exported to the US. However, no concessions have been made for US agricultural products entering India. Goyal’s remarks underline the focus on protecting domestic sectors while fostering export growth.
Commitment to US Markets
The trade deal, initially announced by US President Donald Trump and Indian Prime Minister Narendra Modi, also indicates India’s intention to invest significantly in US products. India is looking to purchase $500 billion worth of energy, aircraft, precious metals, and technology products over the next five years.
The India-US trade agreement is seen as a pivotal moment, promising new avenues for collaboration and economic growth between the two nations.
