Piyush Goyal spells out India’s wins in the US interim trade deal and the sectors left out

Piyush Goyal

• India-US trade deal grants zero-duty access for gems, pharma, and auto parts
• Spices, tea, and cashews to receive zero reciprocal tariffs.
• India could export up to $300 billion annually to the US under the new agreement

Did our AI summary help?

Union Commerce and Industry Minister Piyush Goyal on Saturday detailed the export concessions India has secured under the proposed India-US interim trade agreement, highlighting a wide range of products that will enjoy zero-duty access to the American market.

Zero-duty access for key industrial exports

Goyal said several Indian exports will attract zero tariffs once the trade agreement is signed. These include gems and diamonds, generic pharmaceuticals, pharmaceutical products, aircraft parts, machinery components, elementary auto parts, and smartphones.

He added that many more Indian goods will move into the zero-duty category going forward, strengthening India’s export competitiveness in the US market.

Agriculture and food products to benefit

The minister said agricultural and food items will also see zero reciprocal tariffs under the framework. Products that will benefit include spices, tea and tea derivatives, coffee and coffee derivatives, coconut, copra and coconut oil, cashew nut, areca nut, Brazil nut, chestnut, vegetable wax, and several fruits and vegetables.

According to Goyal, these measures will open new opportunities for Indian farmers and agri-exporters.

No concessions on self-reliant sectors

Goyal clarified that India has not offered any tariff concessions in areas where the country is self-sufficient. He specifically cited soybean, rice, sugar, jowar, bajra, ragi, honey, and groundnut, stating that the interests of Indian farmers will remain protected under the agreement.

Seafood exports see early momentum

Highlighting gains in the marine sector, Goyal said the industry is already witnessing positive momentum. He noted a 20 per cent increase in seafood exports after the European Union opened its market to India.

He said fishermen would receive “double benefits” under the evolving trade environment and pointed to a wave of optimism among seafood exporters in Kerala, Tamil Nadu, Maharashtra, Gujarat, Odisha, and Andhra Pradesh.

Export potential to the US

A government source said India could export goods worth up to $300 billion annually to the United States based on the framework agreement, once fully operational.