NEW DELHI, Feb 7: Commerce Minister Piyush Goyal said the Government objective is to achieve bilateral trade of USD 500 billion between India and the United States annually.
Addressing a presser on India-US joint statement on Saturday, he said , “India-US joint statement will significantly widen access for Indian exporters to the US market under the Most Favoured Nation (MFN) framework, opening up major new trade opportunities.”
“The US market will open wider for Indian exporters with MFN status, which will greatly enhance our trade prospects,” Goyal said.
‘Most-Favored Nation’ is a principle requiring countries to treat all trade partners equally, ensuring lowering tariffs and fewest barriers for all members.
The Minister said that 18 per cent duty is less than India’s competitors like China, Vietnam, Bangladesh and Indonesia.
Describing the outcome of the talks as a landmark moment, Goyal said, “This is a major step towards a developed India 2047. The India-US trade talks mark a historic milestone in strengthening our economic relationship.”
The minister said several of India’s leading export sectors will now enjoy zero-duty access in the United States. “Products like gems and diamonds, pharmaceutical products and smartphones will face zero duty in the US,” he said.
Highlighting the scale of the benefit, Goyal noted that India’s pharmaceutical exports to the US are valued at about USD 13 billion, and duty-free access would further improve their global competitiveness.
He said the agreement also delivers substantial gains for India’s agriculture and allied sectors, with the US agreeing to eliminate reciprocal tariffs on a wide range of Indian products.
“In agriculture, spices, tea, coffee and related products will face zero tariffs. This also includes copra, coconut oil, vegetable wax, groundnut, cashew nut and chestnut,” Goyal said.
In addition, a large basket of Indian fruits and vegetables such as avocado, banana, guava, mango, papaya, kiwi and mushrooms will now enter the US market at zero duty, a move expected to benefit farmers, exporters and agri-processing industries across the country.
At the same time, the Minister stressed that the agreement has been carefully structured to protect domestic strengths.
“All those products on which we are ‘Aatmanirbhar’ have been kept out of the agreement,” Goyal said, underlining that sectors where India has built strong self-reliance have not been opened up.
On market access for American products, Goyal said India has adopted a calibrated and selective approach. “We have opened our markets for the US on some products like Distiller’s Dried Grains with Solubles (DDGS) and wines and spirits, but in these cases we have also kept a minimum import price to safeguard domestic producers,” he said.
Goyal said the joint statement reflects a balanced trade strategy that expands export opportunities for India while ensuring adequate safeguards for sensitive sectors.
He added the agreement would strengthen India’s position in global value chains, boost export-led growth, and further cement the India-US partnership as a key pillar of India’s journey towards becoming a developed economy by 2047. (UNI)
Follow our WhatsApp channel
