New Delhi: Union Commerce Minister Piyush Goyal on Saturday hailed the framework announced on the India US trade agreement and said that this would bring huge benefits to farmers and Indian MSMEs
He said, “Agricultural products from Indian farmers will be exported to the United States at zero duty. At the same time, no tariff concessions have been granted for agricultural products from US farmers entering the Indian market.”
On the trade deal, the Minister said it brings new hopes and opportunities in India’s growth story.
“The 50% reciprocal tariff has been reduced to 18% which is less compared to our neighboring countries, and will provide a lot of help to out exporters. The deal brings new hopes and opportunities in India’s growth story,” he said.
While addressing a press conference on the India US Joint Statement, Minister Goyal said, “Agricultural products from Indian farmers will be exported to the United States at zero duty. At the same time, no tariff concessions have been granted for agricultural products from US farmers entering the Indian market. The agreement also makes it clear that genetically modified (GM) food will not be allowed into India.”
“I can state categorically and without any hesitation that India’s farmers, MSMEs, artisans, and craftsmen will not suffer any loss. On the contrary, India will benefit from greater access to the US market,” the minister said.
“It is a big thrust to MSMEs employing a large number of women and youth. With exports from labour intensive sectors like textiles & apparel, leather & footwear, toys, and gems & jewellery to the US set to scale, lakhs of jobs will be created while boosting domestic manufacturing,” he added.