After the interim trade agreement between India and the US on Saturday (February 7), Union Commerce and Industry Minister Piyush Goyal called it a big deal in the interest of both the countries. The Union Minister said in a press conference that America has imposed 35 percent tariff on our neighboring country China and 20 percent tariff on Bangladesh, whereas it will impose only 18 percent tariff on India.
Piyush Goyal said that there are many things on which America will not impose any tariff. Under this agreement, the US will remove tariffs on certain Indian exports such as generic drugs, gems and jewellery, diamonds and aircraft parts. He said the most-favoured-nation duty status opens up a $30 trillion economy for our exporters. The joint statement between India and the US, which was finalized late last night, was presented to the world. It has been welcomed everywhere. Goyal said that today will be written in golden letters in the history of India.
What did he say about Developed India 2047
The Union Industry Minister said that today is an important day on the path to Developed India 2047. Trade talks between India and the US began in February 2025, with the aim of achieving export trade of $500 billion annually. He praised the leadership of Prime Minister Modi and US President Trump for strengthening bilateral relations and presenting a grand, visionary vision.
These goods will be tariff-free
He said the agreement is expected to increase opportunities for Indian exporters, especially small and medium enterprises, farmers and fishermen. Under the India-US trade agreement, several key goods will be exported to the US without any tariffs. Gems and jewellery, as well as pharmaceutical products will now get tariff-free access, which will enhance India’s export competitiveness and also support Make in India.
Piyush Goyal said diamonds, pharmaceuticals, coffee, mangoes and many other items will be exported to the US tariff-free. Many Indian agricultural products can now be exported to the US without any tariffs. These include tea, spices, coconut oil, vegetable wax, betel nuts, Brazil nuts and various fruits and vegetables. According to Piyush Goyal, there will be no reciprocal tariff on vegetable roots, grains, barley, bakery products, cocoa products, sesame seeds, poppy seeds and citrus fruit juices, and these will now be tariff-free in the US market.
Tariff on China and Bangladesh
He further said that many goods which earlier attracted 50 percent tariff, will now come to the American market at zero tariff. Highlighting a major win for Indian exporters under the new India-US trade framework, Piyush Goyal said 35 per cent tariff has been imposed on China, while 25 per cent tariff has been imposed on Bangladesh and Vietnam.
