India-US trade pact to open $30T market for Indian exporters: Goyal

The proposed India–US trade framework could give Indian exporters access to a $30-trillion market with potential benefits for MSMEs, farmers and fishermen, Commerce and Industry Minister Piyush Goyal said on Saturday.

Goyal added that higher export activity could generate lakhs of employment opportunities, particularly for women and young workers.

In a social media post, the minister said India had reached a framework for an interim agreement with the United States under the leadership of Prime Minister Narendra Modi. He said the arrangement would reduce reciprocal US tariffs on Indian goods to 18%, creating new opportunities for sectors such as textiles and apparel, leather and footwear, plastics and rubber products, organic chemicals, home décor, handicrafts, and select machinery.

Tariffs on a range of products—including generic pharmaceuticals, gems and diamonds, and aircraft parts—are also expected to fall to zero, which Goyal said would strengthen India’s export competitiveness and support domestic manufacturing initiatives.

India would additionally receive exemptions on certain aircraft parts, tariff rate quotas on auto components, and negotiated access for generic pharmaceuticals, measures that the minister said could translate into measurable export gains.

At the same time, Goyal noted that the framework seeks to protect sensitive agricultural and dairy segments by excluding products such as maize, wheat, rice, soy, poultry, milk, cheese, ethanol, tobacco, select vegetables, and meat, in an effort to safeguard farmer interests and rural livelihoods.

(With inputs from PTI)