India and the US have presented a framework for an interim trade agreement. This is a crucial part of the trade deal between the two countries. Commerce Minister Piyush Goyal said that the deal was made with the future in mind and that the interests of farmers have been protected.
He said that there is enthusiasm in the country regarding this deal and that today is a historic day. Piyush Goyal also said that this deal is a result of the friendship between US President Donald Trump and Prime Minister Narendra Modi.
'Today will be written in golden letters.'
The Union Minister said, "Today is a very important day in India's journey towards becoming a developed India by 2047. Keeping the future in mind and considering the relations between the two countries, the diplomatic relations, and the friendship between their leaders, discussions on a bilateral trade agreement began in February 2025. The objective was to achieve $500 billion in annual bilateral trade between India and the United States."
The Commerce Minister further added, "Today will be written in golden letters for achieving that goal. There is a wave of happiness across the country. There is great enthusiasm in every sector of the country regarding the future. It seems that new opportunities will open up in the coming days, and the world's largest economy, an economy of approximately thirty trillion dollars, the United States, will now grant our exporters the status of the most favored nation."
Zero duty on these items
He said, "There are many items on which zero duty will now be levied when our exporters send goods to the US. For example, zero duty will be levied on gems and diamonds. Pharmaceutical products, which are exported in large quantities from India, will also have zero duty. Smartphones, which are exported in large numbers from India to the US, will also continue to have zero duty. In this way, there are many such items on which zero duty will be levied in the future."
Which items will India export to the US?
Goyal explained, "In the agricultural sector as well, there are many items that will be exported from India to the US on which zero reciprocal tariffs will be applied, which means that the additional duty will be zero." For example, spices, tea, coffee and products made from them, coconut and coconut oil, vegetable waxes, betel nut, Brazil nuts, cashews and chestnuts. Many fruits and vegetables are also included."
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