US Trade Deal: Union Commerce and Industry Minister Piyush Goyal gave information about the trade agreement with America in the press conference on Saturday.
He said that this deal will make it easier for Indian exporters to access the huge market worth about 30 trillion US dollars. The minister made it clear that India has not compromised with the interests of its farmers.
Farmers’ interests protected
Piyush Goyal said that India has not given any exemption to America on any agricultural or dairy product which would harm Indian farmers.
He clearly said that India did not give any concession on products like meat, sugar, poultry, dairy, soybean, maize, rice, wheat, jowar, millet, ragi, amaranth, fruits, green tea, cocoa, gram, animal source products, non-alcoholic items, ethanol and tobacco.
0% tariff in US for India
The minister also informed that America has imposed 0 percent tariff on many products going from India.
These include gems and jewellery, agriculture and pharma products, tea-coffee, coconut oil, vegetable oil, cashew nuts, spices, many fruits and vegetables.
Apart from this, America has also kept 0 tariff on Processed Foods, Aircraft Parts, Machinery Parts, Pharma items, Copper Plating, Aluminum Parts, Zinc Oxide, Minerals and Natural Rubber.
Tariff reduced on Indian goods
Piyush Goyal said that America has reduced the average tariff on Indian goods to 18 percent. This will create new opportunities in Textile, Clothing, Leather and Footwear, Plastic and Rubber Products, Organic Chemicals, Home Decor, Handicrafts and select machinery sectors.
Question on Russian oil
On the question asked regarding oil purchase from Russia, the Minister said that the Ministry of External Affairs will give separate information on this subject. He clarified that all decisions related to the trade deal have been taken keeping the national interest in mind.
Promotion of employment and MSME
In a social media post, Piyush Goyal said that this agreement will give a big boost to India’s exports.
Lakhs of new jobs will be created especially for MSME sector, farmers, women and youth. He reiterated that this deal will open up a $30 trillion market in America for Indian exporters.
