India US Trade Deal: Interim Trade Agreement Framework Finalized! ‘Father Of All Deals’ Boom Indian Exports, 5 Major Takeaways Explained

India US Trade Deal: A joint statement has been issued by the United States and India finalizing the interim trade agreement framework for the ‘father of all deals’.

Indian Prime Minister Narendra Modi welcomed the framework’s finalization saying it is wonderful news for the biggest and the largest democracies of the world.

India US Trade Deal-How India Would Benefit-5 Takeaways

1. Under the India US trade deal, tariffs would go down to zero on many goods including aircraft parts, gems & diamonds and generic pharmaceuticals, enhancing the export competitiveness of India.
2. As per the agreement, the Trump-led administration would reduce tariffs on New Delhi to 18 percent. In contrast, India would reduce or eliminate tariffs on all industrial goods from USA.
3. It would also reduce or eliminate tariffs on a wide range of agricultural and food products, including tree nuts, soybean oil, wine and spirits, fresh & processed fruit, red sorghum for animal feed, dried distillers’ grains and additional products.
4. Piyush Goyal, the Union Commerce & Industry Minister, remarked the country had reached the interim agreement’s framework with the United States of America that would allow Indian exporters to leverage a $30 trillion market.
5. Goyal went on to comment that the US India trade deal would be greatly helpful to Micro, Small & Medium Enterprises (MSMEs), fishermen and farmers. Goyal also remarked that the deal would help in creating lakhs of new job opportunities and avenues for India’s working population.

Indian Farmers’ Interests Protected

Finance minister Nirmala Sitharaman remarked that the trade deal protects India’s key dairy and farm products, spices and staples, strengthening farmer incomes.

Goyal remarked that buttermilk, milk (liquid, candied, powdered and other forms), yoghurt, butter, ghee, whey and whey products, cream and cheese (including blue-veined, mozzarella, powdered and grated varieties) would be protected by India. Similarly, wheat, ragi, oats, rice, maize, copra, millet, fine flour, sorghum, siamak, barley, Amaranth, black pepper, ginger, turmeric, clove, coriander, asafoetida, dried green chilli and more would be protected by India.

External affairs minister S Jaishankar remarked the deal would open new avenues that will further promote Make in India.