'Golden letter day': Piyush Goyal hails India-US trade deal; reiterates farmers protected

Union minister for commerce and industry Piyush Goyal on Saturday described the India-US trade agreement as a landmark step in India’s journey towards becoming a developed nation by 2047. Addressing a media briefing, he said the day would be remembered as a major achievement in strengthening economic ties between the two countries. He said discussions on the bilateral trade agreement began in February 2025, keeping the future in mind and considering the diplomatic relationship between India and the United States, as well as the friendship between the leaders of the two nations.Goyal said the key objective of the agreement is to achieve annual bilateral trade of 500 billion dollars between India and the United States.Calling the day historic, he said it would be remembered for opening new opportunities for India and said there is a wave of happiness and enthusiasm across all sectors of the country regarding the future.Goyal said the agreement has been structured in a way that protects the interests of Indian farmers and the dairy sector.He said some people in the country are against the interests of farmers, do not worry about farmers’ welfare, and mislead the public, adding that they are surprised to see that no steps in the India-US trade agreement go against farmers’ interests.Highlighting benefits for exporters, Goyal said the reciprocal tariff on Indian exports to the US has been sharply reduced from 50 percent to 18 percent under the agreement.He said the 18 percent tariff is lower than the tariffs imposed by neighbouring countries and other competing nations, which will give Indian exporters a clear advantage.Referring to public response, Goyal cited the example of a handicrafts artisan from Sambhal in Uttar Pradesh who said the tariff reduction would bring new orders, benefits and progress for his sector.Goyal said several categories of Indian exports will now attract zero duty when sent to the United States.He said gems and diamonds exported from India will be subject to zero duty under the agreement.Goyal said pharmaceutical products, which are exported from India in large quantities, will also face zero duty in the US market.He added that smartphones exported from India to the United States will continue to enjoy zero duty.In the agricultural sector, Goyal said many products will be exported to the US with zero reciprocal tariff, meaning no additional duty will be applied.He listed spices, tea, coffee and products made from them, coconut and coconut oil, vegetable wax, areca nut, Brazil nut, cashew nut and chestnut among the agricultural items covered.Goyal said several fruits and vegetables are also included under the zero-duty provisions of the agreement.He said the agreement is expected to open up new opportunities across sectors and will significantly benefit Indian exporters in the coming days.