India US Trade Deal: Union Commerce Minister Piyush Goyal has remarked that India would receive zero tariff benefits from the United States, similar to those extended by the Trump administration to Bangladesh.
Goyal remarked the US India trade deal would include a duty benefit clause that enables India to take advantage of zero tariffs if cotton yarn is imported from USA. Interestingly, neither the White House factsheet nor the joint statement explicitly mentions this clause.
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India US Trade Deal-Comments By Commerce Minister
Goyal remarked that India would receive the same benefits as Bangladesh if purchased raw material is from USA. The Union Commerce Minister added zero reciprocal tariffs would be a reality if the cloth is made using US raw materials.
It was assured by Goyal that deal’s fine print would be clear to all after the India US trade deal is finalized. This would help in creating thousands of direct as well as indirect jobs in the country.
Trump Comments On Historic Deal
In another development, US President Donald Trump hailed the India US trade deal as “historic”. Trump remarked the United States has made historic trade deals with India, Korea and Japan to increase the country’s coal exports significantly. A joint statement by New Delhi and Washington disclosed that the two countries have reached a framework in the context of reciprocal and mutually beneficial trade.
Vinay Mohan Kwatra, India’s Ambassador to the United States and former Foreign Secretary remarked the India US trade deal is a new economic pillar and reflects a mutually-beneficial, carefully negotiated and balanced outcome that protects the core interests of India while opening up countless economic opportunities.
The United States also signed a deal with Taiwan. White House reduced tariffs on the Asian nation from 20 to 15 percent. US trade representative Jamieson Greer remarked the US Taiwan deal would eliminate non-tariff and tariff barriers that are presently being experienced by US exports to Taiwan.
