Piyush Goyal

India has imposed a minimum import price (MIP) of Rs 80 per kg and an import duty of 25 per cent on apples from the US under the proposed India-US trade pact, which is expected to be signed by mid-March.

Under the framework, India will eliminate or cut tariffs on all US industrial goods and a broad basket of American agricultural products, including dried distillers’ grains (DDGs), red sorghum for animal feed, tree nuts, fresh and processed fruits, soybean oil, wine and spirits and additional items.

In 2024, more than $8 billion worth of Indian exports were subject to Section 232 tariffs, which range between 25% and 50% depending on product categories. Nearly $4 billion of this exposure came from automobiles and auto components

Addressing a press conference in New Delhi, Piyush Goyal said that no item has been included in the agreement that could adversely affect Indian farmers.

India-US Trade Deal: Under the interim agreement, India will reduce duties on high-end American cars, but no tariff concessions have been extended to electric vehicles.

The US has already issued an executive order removing the additional 25% levy on Indian goods, clearing the first hurdle under the interim India-US trade framework, the Union Minister noted.

Addressing a press conference in New Delhi on Saturday, the minister rejected opposition allegations that the agreement compromises the farm and MSMEs sector.

Indian exporters are set to gain from an interim India-US trade framework, with several key sectors slated for zero-duty access to the American market. Union Commerce and Industry Minister Piyush Goyal outlined the concessions while stressing that sensitive, self-reliant farm sectors remain protected.

“We have opened wines and spirits, alcoholic beverages have been allowed with minimum import price,” Goyal said.

The agreement, along with recently concluded free trade agreements with the EU, UK, UAE and Australia, further brightens the growth outlook for the Indian economy.

A US Trade Representative map released with the India–US interim trade deal shows PoK and Aksai Chin as Indian territory, drawing attention amid talks.

Piyush Goyal said the interim framework would open up a $30 trillion market for Indian exporters, particularly benefiting MSMEs, farmers and fishermen.

Under the framework, the U.S. will apply a reciprocal tariff rate of 18 percent on Indian-origin goods, including textiles and apparel, leather and footwear, plastic and rubber products, organic chemicals, home décor, artisanal products and certain machinery.

The reduction in reciprocal tariffs will be implemented after the US issues an executive order once both sides finalise the joint statement by next week, Commerce Minister said.

Addressing concerns over the pact, Goyal emphasised that farmers’ interests remain fully protected and sensitive sectors will not be diluted.

Referring to opposition protests inside Parliament, Commerce Minister Piyush Goyal said he had wanted to present the government’s position in the House but was compelled to speak outside due to disruptions.

Goyal said he had intended to place his views before lawmakers but was prevented from doing so after what he described as repeated interruptions and disrespect to the Chair.

Commerce Minister Piyush Goyal said the US announced the India–US trade deal first as it lowered reciprocal tariffs, calling the agreement a step toward stronger bilateral ties and India’s brighter economic future.

The trade deal finalised with US is the best among India's neighbouring countries, said Goyal at a press briefing on Tuesday