New Indo-US Trade Deal Slashes Tariffs on Diverse Goods

A groundbreaking trade agreement between India and the US is set to lower tariffs on a range of American goods, facilitating cheaper imports for Indian consumers. The framework, marking the first phase of the bilateral trade agreement, was announced on Saturday and will be solidified into a legal document by mid-March.

According to a joint statement, India will cut tariffs on US industrial goods and various food and agricultural products, such as distillers' grains and wine, making these more affordable domestically. Additionally, duty concessions will extend to American walnuts, almonds, as well as high-end cars and motorcycles. The pact also addresses non-tariff barriers, improving market access for US ICT goods.

Commerce and Industry Minister Piyush Goyal emphasized India's strategic approach to opening its market, including protective measures for MSMEs and farmers against price drops. Indian goods such as spices, fruits, and vegetable-based exports will benefit from reduced tariffs in the US. Notably, American medical devices, medicines, and high-tech machinery will receive reduced import tariffs in India.