India–US Interim Trade Agreement Cuts Tariffs, Protects Key Sectors: Piyush Goyal
New Delhi: Commerce and Industry Minister Piyush Goyal on Tuesday said that reciprocal tariffs on Indian exports to the United States have been reduced from 50 per cent to 18 per cent under the India–US interim trade agreement, marking a significant boost for Indian exporters.
Briefing the media on the India–US Joint Statement in New Delhi, Mr Goyal said India will now face lower tariffs than neighbouring countries such as China, Pakistan, Bangladesh and Vietnam. He added that the agreement has been welcomed across sectors and reflects a fair and balanced outcome for India.
The Minister said the deal provides strong protection to India’s agriculture and dairy sectors, with products sufficiently produced domestically — including maize, wheat, rice, sugar, soybean and poultry — kept outside tariff concessions to safeguard farmers’ interests.
At the same time, several Indian agricultural exports will enjoy zero-duty access to the US market. These include spices, tea, coffee, cashew nuts, chestnuts, avocado, banana, mango, kiwi and papaya, offering new opportunities for Indian farmers and exporters.
Mr Goyal said the government aims to expand India–US bilateral trade to ₹45 lakh crore in the coming years. He added that the agreement opens fresh avenues for investors and will particularly benefit MSMEs, artisans, weavers and youth engaged in export-oriented sectors.
Describing the agreement as equitable and forward-looking, the Minister said it is expected to promote exports, generate employment and strengthen India’s journey towards Viksit Bharat 2047.
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