India Secures Lower US Tariffs While Fully Safeguarding Agriculture and Dairy Sectors: Piyush Goyal

New Delhi- Commerce and Industry Minister Piyush Goyal has reaffirmed that India has fully protected its agriculture and dairy sectors under the trade agreement with the United States, while also securing lower US tariff rates compared to neighbouring countries and key global competitors.

Addressing a press conference, Goyal stated that China currently faces tariffs exceeding 35 per cent, while Bangladesh and Vietnam have been subjected to tariffs of around 25 per cent. In contrast, India now enjoys significantly lower tariff rates. He further noted that countries such as Brazil face tariffs of 50 per cent, Myanmar and Laos 40 per cent each, and South Africa 30 per cent.

The minister highlighted that several Indian agricultural products will now gain duty-free access to the US market. These include tea, spices, coconut oil, vegetable wax, areca nut, Brazil nuts, chestnuts, and various fruits and vegetables.

He added that items such as vegetable roots, cereals, barley, bakery products, cocoa products, sesame seeds, poppy seeds, and citrus juice will also enter the US without reciprocal tariffs. Additionally, sectors like gems and jewellery and pharmaceuticals are set to benefit from duty-free exports, improving India’s global competitiveness.

Other industries expected to gain from the agreement include aircraft components, machinery parts, generic medicines, and pharmaceutical products. The zero-duty provisions also cover coins, platinum, clocks and watches, essential oils, certain home décor items such as chandeliers, seeds, and inorganic chemicals.

Goyal stressed that the agreement safeguards the interests of Indian farmers while creating greater export opportunities. He clarified that genetically modified products will not be permitted for import into India. Staple crops including maize, rice, wheat, millets, and ragi will remain unaffected.

He also assured that domestically abundant fruits such as bananas and citrus varieties will continue to be protected. Similarly, meat, poultry, dairy products, soybean, sugar, and cereals will not face any adverse impact under the agreement.

The minister noted that the textile and leather industries are expected to see considerable benefits, with silk products also receiving zero-duty access.

Earlier in a post on X, Goyal said the trade agreement framework would strengthen economic cooperation between India and the US, reflecting a shared commitment to sustainable growth. He added that the deal would provide Indian exporters, particularly MSMEs, farmers, and fishermen, access to a $30 trillion market and is expected to generate lakhs of new employment opportunities, especially for women and youth.

With inputs from IANS