New Delhi [India], February 8 (ANI): Union Commerce and Industry Minister Piyush Goyal dismissed allegations that India has 'ceded sovereignty' following the conclusion of the framework of the India-US interim trade agreement, calling such criticisms 'absolute nonsense' and describing the agreement as a 'labour of love' aimed at advancing India's Viksit Bharat 2047 vision.

Speaking in an exclusive interview with ANI, Goyal said the agreement reflects 'intense negotiations on both sides' and will create significant opportunities across sectors.

'Absolute nonsense. Whoever is articulating this must be a pretty ignorant person who doesn't understand that this trade deal is truly a labour of love. It has come out of intense negotiations on both sides, in the best interests of our country's stated goal to become a developed and prosperous country by 2047 - Viksit Bharat 2047,' he said.

The Minister highlighted the agreement's potential to benefit various stakeholders. 'It will provide immense opportunities for our youth, our sisters, our women, huge opportunities for our farmers and fishermen, our MSMEs will flourish, they will become the provider of a lot of material that is required by the USA, our textile sector, our footwear and leather sector, our toys sector, handloom, handicraft, auto components, furniture--sky's the limit as Sergio mentioned this is a partnership with unlimited potential,' he added.

India and the United States recently announced a framework for an Interim Trade Agreement on reciprocal, mutually beneficial trade, reaffirming their commitment to a broader Bilateral Trade Agreement (BTA) launched by US President Donald Trump and Prime Minister Narendra Modi on February 13, 2025.

Under the framework, India has agreed to eliminate or reduce tariffs on all US industrial goods as well as a wide range of agricultural and food products, including dried distillers' grains (DDGs), red sorghum for animal feed, tree nuts, fresh and processed fruits, soybean oil, wine and spirits, along with additional products.

Reciprocally, the United States will impose an 18 per cent tariff on select Indian goods, including textiles and apparel, leather and footwear, plastic and rubber products, organic chemicals, home decor, artisanal goods, and certain machinery. Subject to the successful conclusion of the Interim Trade Agreement, the US has indicated that it will later remove reciprocal tariffs on select items, including generic pharmaceuticals, gems and diamonds, and aircraft parts.

The United States will also remove tariffs on certain aircraft and aircraft parts from India, which were imposed to address national security threats, the joint statement said.

India also intends to purchase USD 500 billion of US energy products, aircraft and aircraft parts, precious metals, technology products, and coking coal over the next five years. (ANI)