Prime Minister Narendra Modi on Saturday hailed the India-US interim trade agreement, as revealed in a joint statement shared by the White House detailing a reduction of US tariffs on India-made goods to 18 per cent.
Thanking US President Donald Trump for his personal commitment to robust ties between India and the US, PM Modi said the interim agreement will strengthen ‘Make-in-India’ initiative by opening up new opportunities for farmers and entrepreneurs, and create jobs for women and youngsters.
“Great news for India and USA! We have agreed on a framework for an Interim Trade Agreement between our two great nations,” the PM said in a post on X.
“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,” the post read.
The framework, said the prime minister, reflected the “growing depth, trust and dynamism of the India-US partnership” and will help 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,” he said.
PM Modi also said India and the United States share a commitment to promoting innovation, and this framework will help deepen investment and technology partnerships between the two countries.
Also Read: White House releases joint statement on India-US trade deal
Also commenting on the development, Commerce and Industry Minister, Piyush Goyal, said the trade pact will open a USD 30 trillion market for Indian exporters, especially MSMEs, farmers and fishermen.
In a joint statement shared by the White House on Friday, the two sides have agreed that they will address non-tariff barriers that affect bilateral trade, which stood at over USD 191 billion.
“Recognising the importance of working together to resolve long-standing concerns, India also agrees to address long-standing non-tariff barriers to the trade in US food and agricultural products,” the statement said.
It further said that India intends to purchase USD 500 billion of US energy products, aircraft and aircraft parts, precious metals, technology products and coking coal over the next five years.
The two countries have also reached an understanding in the framework to eliminate restrictive import licensing procedures that delay market access for, or impose quantitative restrictions on American Information and Communication Technology goods.
They will also significantly increase trade in technology products, including Graphics Processing Units and other goods used in data centres, and expand joint technology cooperation.
For the purposes of enhancing ease of compliance with applicable technical regulations, India and the US have planned to discuss their respective standards and conformity assessment procedures for mutually agreed sectors.
“In the event of any changes to the agreed upon tariffs of either country, the United States and India agree that the other country may modify its commitments,” the statement said, adding that both will work towards further expanding market access opportunities through negotiations under the Bilateral Trade Agreement (BTA).
“The United States affirms that it intends to take into consideration, during the negotiations of the BTA, India’s request that the US continue to work to lower tariffs on Indian goods,” it stated.
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