India and the United States have unveiled a framework for an interim trade agreement that is expected to significantly expand market access, reduce tariffs, and generate large-scale employment, Union Commerce and Industry Minister Piyush Goyal said.
According to the joint announcement, the United States will reduce reciprocal tariffs on Indian goods to 18 percent—down from earlier higher levels—opening major export opportunities across sectors such as textiles and apparel, leather and footwear, plastic and rubber products, organic chemicals, home décor, artisanal goods, and select machinery.
Goyal stated that the agreement would give Indian exporters access to a $30-trillion market and could create lakhs of new jobs, particularly benefiting women, youth, MSMEs, farmers, and fishermen. He added that tariffs would be reduced to zero on several key export categories, including generic pharmaceuticals, gems and diamonds, and aircraft parts, strengthening India’s global competitiveness and supporting the Make in India initiative.
The minister emphasised that India has safeguarded sensitive agricultural and dairy sectors under the deal. Products such as maize, wheat, rice, soybeans, poultry, milk, cheese, ethanol fuel, tobacco, vegetables, and meat remain protected to preserve rural livelihoods and farmer interests.
Key provisions of the agreement include Section 232 exemptions for certain aircraft parts, tariff-rate quotas for auto components, negotiated outcomes for pharmaceuticals, and commitments from both nations to address non-tariff barriers and provide sustained preferential market access.
In return, India will reduce or eliminate tariffs on US industrial goods and a wide range of American agricultural and food products, while also easing restrictions affecting medical devices and information-technology imports. India has further indicated plans to purchase $500 billion worth of US energy, aircraft, precious metals, technology goods, and coking coal over five years, alongside expanded cooperation in advanced technology and data-centre components.
Officials indicated that the final comprehensive agreement could be concluded by mid-March, marking a major milestone in deepening India–US economic and strategic ties.
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