India Safeguards Agriculture in Landmark US Trade Pact

India and the US are poised to finalize a bilateral trade agreement safeguarding India's agriculture and dairy sectors, according to Commerce and Industry Minister Piyush Goyal. This deal offers substantial opportunities for Indian industries by reducing import duties, stimulating growth in sectors like textiles, leather, and chemicals.

The trade pact follows extensive negotiations and comes ahead of an anticipated joint statement. Goyal confirmed that tariffs on many Indian exports to the US would be reduced to 18%, from the existing 50%, benefiting labor-intensive Indian sectors, such as textiles, apparel, and machinery.

The agreement, hailed as beneficial for India, aligns with the country's trade strategies, preserving sensitive industries while leveraging its economic growth. India also committed to substantial US goods purchases, including technology, energy, and agricultural products, projecting a major boost to bilateral trade relations.