New Delhi, Feb 7: India has established a framework for an Interim Trade Agreement with the US, as announced by Commerce and Industry Minister Piyush Goyal.
This pact is expected to unlock a $30 trillion market for Indian exporters, particularly benefiting micro, small, and medium enterprises (MSMEs), farmers, and fishermen, leading to substantial job creation.
Under the agreement, the US will reduce tariffs on Indian goods to an average of 18%, targeting sectors such as textiles, leather, and organic chemicals, while eliminating tariffs on specific goods including pharmaceuticals and aircraft parts.
Additionally, India will gain exemptions under Section 232, aiding sectors vital to its export economy. The deal is designed to protect sensitive agricultural products, reflecting India’s commitment to its farmers and rural livelihoods.
The framework also lays the groundwork for future tariff removals on various Indian goods, contingent on the agreement’s successful finalization.
