Amidst the controversies after issuing a joint statement regarding the outline of the trade deal between India and America, Union Commerce and Industry Minister Piyush Goyal said that on the face of it, I can say that the interests of India's farmers, MSMEs, handicrafts and handlooms have been protected. Also, no concession of any kind has been given on all items including GM foods, meat and dairy.
Amidst the concerns being expressed in the country after the framework released regarding the trade deal, Union Minister Piyush Goyal said on Saturday that after the deal, India will get the facility of market access in America at lower duty as compared to other countries. He said that keeping in mind the interests of farmers, India's market has been opened only for a few commodities.
Talking about protecting the interests of farmers, Goyal said, "The way the interests of our farmers have been protected, the interests of the farmers and the dairy sector have been protected. I believe that the joint statement between India and America that was finalized late last night and presented to the world, has been welcomed in every corner of the country."
He said, “This morning I was watching a video. An ordinary artisan from Sambhal, Uttar Pradesh, who works in the handicraft sector, was saying, “Now the tariff has become 18 percent. Now our luck is good, we will benefit a lot. After the deal, new orders will come and there will be further progress. These were his words, which I heard this morning on the X handle of a journalist who had interviewed him.”
Goyal said, "Under this agreement, the reciprocal tariff of 50 per cent imposed by the US on Indian exports will now be reduced from 50 per cent to just 18 per cent. 18 per cent is lower than the tariffs imposed by all our neighboring countries and other countries with which we compete, and this will greatly benefit us and our exporters in the coming days."
#WATCH | Delhi | Union Minister for Commerce and Industry, Piyush Goyal says, “…There are several items on which zero duty will now be levied when our exporters send goods to the United States of America. For example, zero duty will be applied to gems and diamonds. pic.twitter.com/XPPDhEHXaj
— ANI (@ANI) February 7, 2026
Regarding the deal, Union Minister Goyal said, "There are many things which will now attract 0 duty when our exporters send goods to America. For example, gems and diamonds will attract 0 duty. Pharmaceutical products, which are exported from India in large quantities, will also attract 0 duty. Smartphones, which are exported to America in large quantities from India, will also continue to attract 0 duty. In this way, there are many things which will attract 0 duty in future. It will take place.”
He says, “Even in the agricultural sector, there are many things that will be exported from India to America, which will attract 0 reciprocal tariff, which means the additional duty will be 0. Such as, spices, tea, coffee and their products, coconut and coconut oil, vegetable wax, betel nut, Brazil nut, cashew and chestnut. Many fruits and vegetables are also included in this.”
Earlier, Union Minister Piyush Goyal said, "Today is a very important day in India's journey towards becoming a developed India by 2047. Keeping the future in mind, and considering the relations between the two countries, diplomatic relations and friendship between their leaders, negotiations for a bilateral trade deal began in February last year. The objective of this deal was to achieve bilateral trade of $ 500 billion annually between India and the United States."
Goyal said that we will have big advantage in textiles and apparel. I congratulate the leaders of both the countries that such a balanced agreement was reached.
He further said, "Today will be written in golden letters to achieve that goal. There is a wave of happiness across the country regarding the deal. There is a lot of enthusiasm about the future in every region of the country. It seems that many new opportunities will open up in the coming days, and the United States of America, the world's largest economy with an economy of about 30 trillion dollars, will now give the Most Favored Nation status to our exporters."
India and the US earlier announced reaching a framework for an interim trade deal under which both the countries will reduce import duties on several goods to boost bilateral trade. Under the deal, America will reduce the tariff on Indian goods from the current 50 percent to 18 percent. Whereas India will eliminate or reduce import duties on all American industrial goods and a wide range of American food and agricultural products.
These include dry grains, red sorghum for animal feed, nuts, fresh and processed fruits, soybean oil, wine and spirits. According to a joint statement issued by both the countries, India has expressed its intention to buy American energy products, aircraft and aircraft parts, precious metals, technology products and coking coal worth $500 billion in the next five years.
Apart from this, under the agreement, US President Donald Trump, through an executive order, has removed the 25 percent additional import duty imposed on India in August last year on the purchase of Russian oil. Regarding the deal, Trump said that India has taken many important steps in this direction. Also, India has asked Russia to stop importing oil directly or indirectly.
