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India-US Finalize Interim Trade Deal, Slash Tariffs to Boost Exports

India and the United States have finalized a framework for an interim trade agreement, which will reduce US tariffs on Indian goods to 18 per cent. External Affairs Minister S. Jaishankar stated the pact will realize a mutually beneficial partnership and ensure greater market access for Indian exporters. Prime Minister Narendra Modi hailed the agreement as great news, emphasizing it will strengthen 'Make in India' and create jobs. Commerce Minister Piyush Goyal noted the deal opens a $30 trillion market for Indian exporters, particularly benefiting MSMEs, farmers, and fishermen.

Key Points: India-US Interim Trade Agreement Finalized, Tariffs Cut

  • Tariffs on Indian goods cut to 18%
  • Boosts 'Make in India' initiative
  • Opens $30 trillion US market
  • Aims to generate large-scale employment
  • Strengthens bilateral investment & tech partnerships
3 min read

Framework for Interim Agreement will realise mutually beneficial India-US trade partnership: EAM Jaishankar

India and US finalize interim trade deal, cutting tariffs to 18%. PM Modi and EAM Jaishankar hail pact for market access and 'Make in India'.

Framework for Interim Agreement will realise mutually beneficial India-US trade partnership: EAM Jaishankar
"Great news for India and USA! We have agreed on a framework for an Interim Trade Agreement - PM Modi"

New Delhi, Feb 7

As the United States and India have finalised an interim trade agreement that cuts US tariffs on Indian goods to 18 per cent, External Affairs Minister S Jaishankar on Saturday said the framework for an Interim Agreement will realise a mutually beneficial India-US trade partnership.

Taking to social media platform X, EAM Jaishankar said, "The framework for an Interim Agreement will realise a mutually beneficial India-US trade partnership."

He added that the framework will ensure greater market access and create more opportunities for Indian exporters.

"The framework will ensure greater market access and opportunities for our exporters. New vistas have opened up that will further promote 'Make in India'," he said.

PM Modi also hailed the development, calling it 'great news' for both nations.

Taking to social media platform X, PM Modi said, "Great news for India and USA! We have agreed on a framework for an Interim Trade Agreement between our two great nations. I thank President Trump for his personal commitment to robust ties between our countries."

He said the framework reflects the "growing depth, trust and dynamism" of the India-US partnership and will strengthen the 'Make in India' initiative.

"This framework reflects the growing depth, trust and dynamism of our partnership. It strengthens 'Make in India' by opening new opportunities for India's hardworking farmers, entrepreneurs, MSMEs, StartUp innovators, fishermen and more. It will generate large-scale employment for women and youngsters," PM Modi said.

PM Modi further said India and the US share a strong commitment to promoting innovation, and the agreement will deepen investment and technology partnerships between the two countries.

"India and the United States share a commitment to promoting innovation and this framework will further deepen investment and technology partnerships between us. This framework will also strengthen resilient and trusted supply chains and contribute to global growth. As India moves forward towards building a Viksit Bharat, we remain committed to building global partnerships that are future-oriented, empower our people and contribute to shared prosperity," PM Modi added.

Earlier in the day, Commerce and Industry Minister Piyush Goyal said the trade agreement will help "India and the US remain focussed on working together to further deepen economic cooperation, reflecting shared commitment to sustainable growth for our people and businesses."

"This will open a $30 trillion market for Indian exporters, especially MSMEs, farmers and fishermen. The increase in exports will create lakhs of new job opportunities for our women and youth," said the minister.

- IANS

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Reader Comments

R
Rohit P
A $30 trillion market access is huge! This could be a game-changer for our startups and young entrepreneurs. The focus on resilient supply chains is also crucial. Let's hope our exporters are ready to grab this opportunity with both hands.
D
David E
As someone working in Indo-US trade, this framework is a positive step. The interim agreement simplifies things. The real test will be in implementation and ensuring non-tariff barriers don't negate the benefits. Cautiously optimistic.
A
Ananya R
Promising news, but we must be careful. We need to ensure our domestic industries are protected and this doesn't just become a one-way street for American companies. 'Mutually beneficial' has to mean exactly that. The details of the final agreement will be key.
K
Karthik V
Great move! This strengthens our position globally. More jobs, more investment in tech, and a boost for 'Make in India'. This partnership is vital for a Viksit Bharat. Jai Hind!
S
Sarah B
The emphasis on creating opportunities for women and youth is commendable. If this leads to large-scale employment as stated, it could have a transformative social impact. Hope the benefits reach the grassroots level across states.

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