“The increase in exports will create lakhs of new job opportunities for our women and youth. As part of this framework, the US will slash reciprocal tariffs on Indian goods to 18% per cent, providing a huge market opportunity in key sectors such as textiles & apparel, leather & footwear, plastic & rubber products, organic chemicals, home décor, artisanal products, and select machinery in the world’s largest economy.,” he said in a post on X.
Additionally, tariffs will go down to zero on a wide range of goods, including generic pharmaceuticals, gems & diamonds, and aircraft parts, thereby further enhancing India’s export competitiveness and Make in India, Goyal said.
India will also get exemptions under section 232 on aircraft parts, tariff rate quota on auto parts and negotiated outcomes on generic pharmaceuticals, leading to tangible export gains in these sectors, he said.
“At the same time, the Agreement reflects India’s commitment to safeguarding farmers’ interests and sustaining rural livelihoods by completely protecting sensitive agricultural and dairy products, including maize, wheat, rice, soya, poultry, milk, cheese, ethanol(fuel), tobacco, certain vegetables, meat, etc.,” Goyal said.
This agreement will help India and the US remain focused on working together to further deepen economic cooperation, reflecting shared commitment to sustainable growth for our people and businesses, he said.
The India-US Trade Deal will not only provide greater access to the US market for Indian products but also support our labour intensive sectors. Additionally, it will give a big boost to our digital infrastructure, Goyal said.
From addressing non-tariff barriers to aligning standards and advancing joint technology cooperation, the India US Trade Deal reinforces a shared commitment to facilitating trade, expanding market opportunities, and strengthening bilateral economic engagement, he said.
