Ministers Hail India-US Trade Deal Framework, See 'Golden Opportunity'

Ministers Hail 'Monumental Leap' in Partnership

Parliamentary Affairs Minister Kiren Rijiju, through a post on X on Saturday, hailed the announcement of a framework of the India-US trade agreement, saying that it will create lakhs of new job opportunities for women and youngsters, highlighting that it will primarily benefit the farmers, fishermen, MSMEs, and Indian exporters. "Congratulations to the people of India & the US on the Framework for an Interim Agreement. Under the leadership of PM Narendra Modi, India is securing agreements with major countries which will primarily benefit the Indian exporters, especially MSMEs, farmers and fishermen. The increase in exports will create lakhs of new job opportunities for our women and youth," he wrote.

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Additionally, Union Minister of Ports, Shipping and Waterways Sarbananda Sonowal said that the deal will unleash the full potential of economic ties between the two countries and will serve as a golden opportunity for the youth, farmers, and industrialists. In a post on X, he hailed Prime Minister Narendra Modi for the breakthrough deal with the United States. "A monumental leap in India-US partnership! Under the visionary leadership of PM Narendra Modi, India has reached a landmark framework for an Interim Trade Agreement with the US. By ensuring reciprocal market access, rationalising tariffs and strengthening supply chains, this agreement will unleash the full potential of our economic ties, creating new opportunities for our youth, farmers and industries. This partnership is a cornerstone for global stability and a shining example of cooperation that will help realise the Viksit Bharat vision," he wrote.

Details of the Interim Trade Framework

India and the United States announced a framework for an Interim Agreement on reciprocal, mutually beneficial trade, a step toward advancing the broader US-India Bilateral Trade Agreement (BTA) negotiations launched by Prime Minister Narendra Modi and President Donald Trump in February 2025, according to a joint statement released by the White House and the Commerce Ministry.

Key Terms and Commitments

As per the agreement, the US will apply a reciprocal tariff rate of 18 per cent on Indian originating goods, including textiles and apparel, leather and footwear, plastic and rubber, organic chemicals, home decor, artisanal products, and certain machinery. The United States will also remove tariffs on certain aircraft and aircraft parts from India, which were imposed to address national security threats, the joint statement said.

According to the statement, India will eliminate or reduce tariffs on all US industrial goods and a wide range of S food and agricultural products, including dried distillers' grains (DDGs), red sorghum for animal feed, tree nuts, fresh and processed fruit, soybean oil, wine and spirits, and additional products. As per the deal, India also intends to purchase USD 500 billion of US energy products, aircraft and aircraft parts, precious metals, technology products, and coking coal over the next five years.

Piyush Goyal on Boosting Exports

Earlier today, Union Commerce Minister Piyush Goyal lauded India's framework for the Interim Agreement, stating that it would unlock access to a USD 30 trillion market for Indian exporters, particularly benefiting MSMEs, farmers, and fishermen. In an X post, Goyal stated that an agreement would significantly boost exports and create lakhs of new jobs, especially for women and youth. (ANI)