NEW DELHI: Union Commerce Minister Piyush Goyal on Saturday hailed the framework announced on the India US trade agreement and said that this would bring huge benefits to farmers and Indian MSMEs
He said, “Agricultural products from Indian farmers will be exported to the United States at zero duty. At the same time, no tariff concessions have been granted for agricultural products from US farmers entering the Indian market.”
On the trade deal, the minister said it brings new hopes and opportunities in India’s growth story. “The 50% reciprocal tariff has been reduced to 18% which is less compared to our neighboring countries, and will provide a lot of help to out exporters. The deal brings new hopes and opportunities in India’s growth story,” he said.
#WATCH | Delhi: On India-US Interim Trade Agreement, Union Minister for Commerce and Industry, Piyush Goyal says, “Considering how the interests of our farmers have been protected, the interests of farmers and the dairy sector have been protected. I believe that the joint… pic.twitter.com/qygIHOInMz
— ANI (@ANI) February 7, 2026
While addressing a press conference on the India US Joint Statement, Minister Goyal said, “Agricultural products from Indian farmers will be exported to the United States at zero duty. At the same time, no tariff concessions have been granted for agricultural products from US farmers entering the Indian market. The agreement also makes it clear that genetically modified (GM) food will not be allowed into India.”
“I can state categorically and without any hesitation that India’s farmers, MSMEs, artisans, and craftsmen will not suffer any loss. On the contrary, India will benefit from greater access to the US market,” the minister said.
“It is a big thrust to MSMEs employing a large number of women and youth. With exports from labour intensive sectors like textiles & apparel, leather & footwear, toys, and gems & jewellery to the US set to scale, lakhs of jobs will be created while boosting domestic manufacturing,” he added.
The minister also detailed out tenets of the framework saying that tariffs on a wide range of goods would now go down to zero.
#WATCH | Delhi | Union Minister for Commerce and Industry, Piyush Goyal says, “…We have opened our markets for the US on some products like Distiller’s Dried Grains with Solubles (DDGS), wines & spirits in which we have kept a minimum import price also…” pic.twitter.com/jRB0S9gfEA
— ANI (@ANI) February 7, 2026
“Additionally, tariffs will go down to zero on a wide range of goods, including generic pharmaceuticals, gems & diamonds, and aircraft parts, thereby further enhancing India’s export competitiveness and Make in India. India will also get exemptions under section 232 on aircraft parts, tariff rate quota on auto parts and negotiated outcomes on generic pharmaceuticals, leading to tangible export gains in these sectors,” Goyal said.
“These also include spices, tea, coffee, coconut oil, cashew nuts, and several fruits and vegetables such as avocado, banana, mango, pineapple, and mushrooms, along with select bakery products,” the Commerce Minister added. The minister described the announcement of the framework as historic and said the day would go down in history as a Golden letter day.
#WATCH | Delhi | Union Minister for Commerce and Industry, Piyush Goyal says, “Today is a very important day in India’s journey towards a developed India by 2047…With the future in mind, and considering the two countries’ relations, diplomatic ties, and the friendship between… pic.twitter.com/7xtlYs07Vp
— ANI (@ANI) February 7, 2026
“Discussions between Prime Minister Narendra Modi and the US President Donald Trump, which began in February 2025, have culminated in a breakthrough that will be remembered as a historic moment. This day will be written in golden letters, as a $30 trillion economy has now opened its doors wider for Indian exporters. The joint statement issued by both countries offers new hope, renewed enthusiasm, and fresh resolve to every Indian,” the minister said.
Goyal said that the India-US trade deal reinforces a shared commitment to facilitating trade, expanding market opportunities, and strengthening bilateral economic engagement. With several of non-tariff barriers set to be addressed, besides US tariffs on India reduced to 18 per cent from 50 per cent, the minister said it will be a big win for Indian exporters.
#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
Compliances will come down, procedure delays will reduce, employment opportunities and market access will increase, the minister said in a post on X. Under this trade agreement, India and the United States will significantly increase trade in technology products, including Graphics Processing Units (GPUs) and other goods used in data centres, and expand joint technology cooperation.
Piyush Goyal said that technology cooperation will accelerate India’s digital and AI ecosystem and increase trade in products such as GPUs and data centre equipment. Additionally, it will lower costs for Indian companies by improving access to cutting-edge US technologies, thereby attracting greater investment, skill development, jobs, and manufacturing partnerships.
“The India-US Trade Deal will not only provide greater access to the US market for Indian products but also support our labour-intensive sectors. Additionally, it will give a big boost to our digital infrastructure,” the commerce minister posted on X.
#WATCH | Delhi | Union Minister for Commerce and Industry, Piyush Goyal says, “The US and India are both strategic partners, friends and allies. We are a part of Pax Silica, the US-led initiative, which is working to develop alternate sources of critical minerals, and create… pic.twitter.com/UXguym1BsU
— ANI (@ANI) February 7, 2026
Reduced tariffs on India are gains for textile and apparel, leather and footwear, plastic and rubber, organic chemicals, home decor, and artisanal products exporters. The US and India announced in a joint statement that they have reached a framework for an Interim Agreement on reciprocal, mutually beneficial trade (the Interim Agreement) and have agreed on its terms.
The framework reaffirms the countries’ commitment to the broader US-India Bilateral Trade Agreement (BTA) negotiations, launched by President Donald Trump and Prime Minister Narendra Modi on February 13, 2025, which will include additional market-access commitments and support for more resilient supply chains. Furthermore, both countries decided to address non-tariff barriers affecting bilateral trade.
The US and India announced in a joint statement that they have reached a framework for an Interim Agreement on reciprocal, mutually beneficial trade (the Interim Agreement) and have agreed on its terms. On February 2, a phone call between Prime Minister Narendra Modi and US President Donald Trump led to the announcement of the conclusion of negotiations on the much-awaited trade deal.
The Trump administration had imposed tariffs on major exporters to the US, including India and China. There was a 50 per cent tariff on goods from India entering the United States since August 2025. The tariffs have now been reduced to 18 per cent following the leaders’ recent phone call.
The BTA, formally proposed in February 2025, seeks to more than double bilateral trade, from the current USD 191 billion to USD 500 billion by 2030. (ANI)
