India-US trade deal: 'Discussions will continue, this is the first tranche', says Piyush Goyal

Union Commerce and Industry Minister Piyush Goyal on Saturday held a press conference to spell out the contours of the interim India-US trade agreement, clarifying sectors where India has offered tariff concessions and those that remain fully protected. He said the framework was designed to expand exports while safeguarding domestic interests, particularly farmers.

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"More than 3000 cc will get lower duty of 30 percent phased over a period of time for ICE vehicles."

Union Commerce Minister Piyush Goyal on Thursday outlined a list of Indian goods that will face zero tariffs under the interim India–US trade agreement, calling it a major boost for several key sectors. Addressing a press conference, Goyal said exports such as gems and diamonds, pharmaceuticals, and smartphones will benefit from duty-free access to the US market.

In agriculture, a wide range of products will also attract zero duty, including spices, tea, coffee and their derivatives, coconut and coconut oil, vegetable wax, areca nut, Brazil nut, cashew nut, chestnut, along with several fruits and vegetables.

"Marine industry is already celebrating, we saw 20% increase in seafood exports as EU opened to India. Our fisherman will get double benefits. In Kerala, Tamil Nadu, Maharashtra, Gujarat, Odisha, AP, there is a wave of happiness among seafood exporters," Piyush Goyal said.

"We want to strengthen our relations further and going ahead we will continue discussions on where all we can mutually benefit. This is the first tranche, discussions will continue," Piyush Goyal said.

"Our goal is to increase bilateral trade to $500 billion including services and goods. India supplies top quality product to the world," Piyush Goyal said.

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Commerce Minister Piyush Goyal said, "Technology products, like aircraft, chips, semiconductors, high quality machinery required for semiconductors, quantum, will help Indian industry."

"Textiles, leather, toys and sports goods are sectors where India will benefit in US market on reduced duties," he added.

Commerce Minister Piyush Goyal said, "I can say it with utmost confidence that farmers, MSMEs or handicraft and handloom will not be hurt."

"Textiles, leather, toys and sports goods are sectors where India will benefit in US market on reduced duties," he added.

Commerce Minister Piyush Goyal is addressing a press conference after India-US released a joint statement on the Interim Trade Agreement. He said, "People who were misleading India are now stunned by how US-India agreement will not lead to any agri import which will hurt Indian farmer’s interest."

While addressing a presser, Commerce Minister Piyush Goyal said, "Indian exports of Aircraft parts, machinery parts, generic drugs, pharma products, elementary auto parts, gems and diamonds will get zero duty in US."

"Bakery products, cocoa and cocoa products, processed fruits, jams, juices, will incur reciprocal tariff of 0% from 50% earlier," Goyal added.

While addressing a press conference, Commerce Minister Piyush Goyal said, 'There will be many more Indian exports that will enjoy zero duty going ahead, including agri/food goods such as spices, coconut, tea, coffee cashew nuts among others."

Stating that the farmers' remain paramount, Piyush Goyal said in a post on X, "The interests of our farmers remain paramount in all trade negotiations. The Modi Government remains fully committed to protecting our Annadatas and securing rural livelihoods. No concessions have been extended to sensitive agricultural sector produce in grains, fruits, vegetables, spices, oilseeds, dairy, poultry, & meat amongst many others while securing preferential access for Indian goods through the India-U.S. Interim Agreement framework."

Arunachal Pradesh Chief Minister Pema Khandu on Saturday said the India-US interim trade framework will make Indian businesses more competitive in global markets. He said the framework has the potential to reduce compliance burdens, streamline export procedures and bring down costs for consumers.

India and the United States on February 6 unveiled a framework for an Interim Trade Agreement, an early deliverable ahead of a full-fledged Bilateral Trade Agreement (BTA). The headline outcome: the US will cut reciprocal tariffs on Indian goods to 18 percent, while India commits to wide-ranging tariff reductions and regulatory easing for US exports.

This is not the final deal. But it locks in sector-level give-and-take, and sets the runway for a comprehensive BTA. Read more

Senior Congress leader Vijay Wadettiwar on Saturday said the India-US trade deal would negatively impact the interests of farmers in Maharashtra as agricultural imports will carry zero per cent duty. "The agreement with the US will negatively affect farmers when new crops are ready for harvest. The duty on Indian exports to the US will be 18 per cent, but the duty on agriculture exports from the US to India will be zero per cent," the former leader of opposition in the Maharashtra assembly told reporters.

Wadettiwar said the deal will mean no market for Indian soybean, wheat, cotton and corn. "This agreement was sealed under pressure, and the Central government will have to face consequences in the near future," he added. (PTI)

India and the US announced a framework for an Interim Agreement regarding reciprocal and mutually beneficial trade. The joint statement said that the framework reaffirms the countries' commitment to the broader Bilateral Trade Agreement (BTA) negotiations, launched by President Donald Trump and Prime Minister Narendra Modi on February 13, 2025, which will include additional market access commitments and support more resilient supply chains.

As per the joint statement, the US will apply a reciprocal tariff rate of 18 per cent on Indian originating goods, including textiles and apparel, leather and footwear, plastic and rubber, organic chemicals, home decor, artisanal products, and certain machinery.

On India-US Interim Trade Agreement, JD(U) MP Sanjay Kumar Jha said, "....The trade agreement is in the best interests of the farmers...The tariffs have also been slashed...India has also announced trade deals with other nations..."

Union Minister for Commerce and Industry, Piyush Goyal, will be addressing a press conference today regarding the recently issued India-US Joint Statement on interim trade. The briefing is expected to commence at approximately 1:30 PM.

Prime Minister Narendra Modi on Saturday said he is visiting Malaysia at the invitation of his 'friend' Malaysian Prime Minister Anwar Ibrahim.

"I am embarking on an official visit to Malaysia at the invitation of my friend," his departure statement read. "The historic ties between India and Malaysia have seen steadfast progress in recent years. I look forward to my discussions with Prime Minister Anwar Ibrahim and further enhancing our Comprehensive Strategic Partnership. We will aim to deepen our defence and security ties, enhance our economic and innovation partnership and expand our collaboration into new domains," the statement further read.

On PM Modi's visit to Malaysia, India’s High Commissioner to Malaysia, BN Reddy, said, "It is a historic visit in many ways... This is also the first visit since India and Malaysia elevated bilateral relations to the Comprehensive Strategic Partnership in August 2024, when the Prime Minister of Malaysia, Anwar Ibrahim, visited India... We have this vision of 'Mahasagar', as well as the larger Indo-Pacific vision of India... The visit would focus on implementing several of the review recommendations, the initiatives launched in 2024 in India, and adding new dimensions to the ongoing cooperation. For the first time, India and Malaysia have started a security dialogue... The second was in the digital economy... Malaysia wants to engage with us in this field. We also previously signed an MoU on digital technologies, which led to the establishment of the Malaysia-India Digital Council... On the investment front, we are seeing significant collaborations emerging across the renewable energy, semiconductor, and startup sectors. That discussion will happen. We also have the 10th India Malaysia CEO Forum, where close to 20 CEOs are coming from India. This is aimed at businesses from two countries coming together... The joint report will be presented to PM Modi and PM Anwar Ibrahim on Sunday, after the official-level talks...."

Prime Minister Narendra Modi is set to undertake an official visit to Malaysia from February 7 to 8 at the invitation of Malaysian Prime Minister Anwar Ibrahim, in a trip that New Delhi says will reinforce a rapidly expanding bilateral partnership across sectors ranging from trade and security to digital finance and cultural ties.