India and US Forge Path with New Interim Trade Agreement
India has secured an interim trade agreement with the US, significantly reducing tariffs on key Indian goods while maintaining protections for sensitive agricultural and dairy products critical to rural livelihoods. The framework emphasizes India’s commitment to safeguarding its farmers amid broader trade pacts.
- Country:
- India
India and the United States announced a significant breakthrough in trade relations, forming a framework for an interim trade agreement that safeguards sensitive agricultural and dairy products in India while reducing US tariffs on Indian goods from 50% to 18%.
Commerce and Industry Minister Piyush Goyal emphasized the newly secured protections for sectors vital to India’s rural economy, keeping critical items like maize, wheat, rice, and dairy products exempt from duty concessions to the US.
The agreement underscores India's broader strategy in trade negotiations to protect its agriculture sector, involving over 700 million people, from foreign competition. This move comes as India continues to finalize various Free Trade Agreements globally, maintaining its primary focus on rural livelihoods.
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