NEW DELHI: The India-US trade pact will open a USD 30 trillion market for Indian exporters, especially MSMEs, farmers and fishermen, Commerce and Industry Minister Piyush Goyal said on Saturday.
He said the increase in exports will create lakhs of new job opportunities for the country's women and youth.
"Under the decisive leadership of PM @NarendraModi ji, India has reached a framework for an Interim Agreement with the US. This will open a USD 30 trillion market for Indian exporters, especially MSMEs, farmers and fishermen," Goyal said in a social media post.
As part of this framework, he said, the US will slash reciprocal tariffs on Indian goods to 18 per cent, providing a huge market opportunity in key sectors such as textiles and apparel, leather and footwear, plastic and rubber products, organic chemicals, home decor, artisanal products, and select machinery in the world's largest economy.
Additionally, the minister said, tariffs (or import duty) will go down to zero on a wide range of goods, including generic pharmaceuticals, gems and diamonds, and aircraft parts, thereby further enhancing India's export competitiveness and the Make in India campaign.
India will also get exemptions 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.
At the same time, he said, the agreement reflects India's commitment to safeguarding farmers' interests and sustaining rural livelihoods by completely protecting sensitive agricultural and dairy products, including maize, wheat, rice, soya, poultry, milk, cheese, ethanol (fuel), tobacco, certain vegetables and meat.