Piyush Goel on India-US Trade Deal: US President Donald Trump has signed the interim trade agreement between India and America. Union Commerce and Industry Minister Piyush Goyal on Saturday praised the framework of this agreement and said that it will open the way for Indian exporters to a huge market worth $ 30 trillion. He says that this agreement will prove to be very beneficial especially for small and medium industries (MSMEs), farmers and fishermen.

Expressing happiness over the agreement on social media platforms, Goyal wrote that this agreement will significantly increase India’s exports and create millions of new jobs. Most of these jobs will be achieved by women and youth. Piyush Goyal said that under the decisive leadership of Prime Minister Narendra Modi, India has agreed to this interim agreement with the US, which will create huge opportunities for the country’s exporters and MSMEs.

Tariff reduced to 18%

Under the agreement, America will reduce the tariff on Indian products to 18%. This will specifically benefit sectors like textiles and apparel, leather and footwear, plastic and rubber products, organic chemicals, home décor items, handmade products and some specialized machinery. Additionally, tariffs on generic drugs, gems and diamonds, and aircraft parts will be reduced to zero. India will get exemption under Section 232 on aircraft parts, tariff quota on auto parts and talks on generic drugs will provide tangible benefits to exports in these sectors.

Dairy and agriculture business safe

The Union Minister also clarified that the agreement will ensure security of farmers and rural livelihoods. Sensitive agricultural and dairy products such as corn, wheat, rice, soybean, poultry, milk, cheese, ethanol, tobacco, some vegetables and meat will remain completely safe. There was tension between the two countries for a long time regarding dairy and agricultural trade.

This agreement will not only provide an opportunity to Indian exporters to compete in the global market, but will also strengthen the ‘Make in India’ initiative. As a result, new employment opportunities will be created in the country, rural economy will be strengthened and India-US trade relations will be further strengthened.