New Delhi [India], February 7 (ANI): 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.

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.

'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.

'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 USD 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.

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.

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)