India's Commerce Minister Piyush Goyal outlined the items subject to 0% tariff under the interim trade agreement with the US, noting that no concessions were made on agricultural and dairy products.
Following the release of a framework for an interim trade agreement between India and the United States, Commerce and Industry Minister Piyush Goyal detailed the items on which the US has imposed a 0% tariff. These include gems and jewelry, agricultural products, and medicines. Goyal emphasized that India has not offered any concessions on agricultural and dairy products, underscoring the government's commitment to protecting the interests of Indian farmers.
Goyal explained that India has maintained a firm stance on essential agricultural products, listing items such as meat, sugar, poultry, dairy, soybeans, maize, rice, wheat, jowar, millet, ragi, amaranth, fruits, green tea, cocoa, chickpeas, and products related to animal seeds, as well as non-alcoholic products and tobacco, for which no concessions have been made. This reflects India's cautious approach to trade negotiations, particularly in sectors crucial for food security and rural livelihoods.
Additionally, Goyal noted that the opening of the $30 trillion market represents significant opportunities for India, with the US increasing its tariffs on many goods to benefit Indian exporters. This trade agreement, therefore, symbolizes a strategic move for both nations, aiming to boost bilateral trade while ensuring that critical domestic sectors in India remain protected from potential adverse impacts of international competition.
