India-US Trade Deal: Apples Imported at Rs 80/kg, Farmers Fully Protected
Union Commerce and Industry Minister Piyush Goyal announced a landmark India-US trade agreement, highlighting that India will import apples from the United States at a minimum price of Rs 80 per kilogram. During a press conference at Vanijya Bhawan in New Delhi, Goyal emphasized that this deal is a crucial step towards India's goal of becoming a developed nation by 2047, with the US now designated as India's most favored nation for exports.
Key Benefits and Concessions in the Agreement
The trade pact offers significant advantages for various Indian sectors. Goyal pointed out that it will benefit agriculture, micro, small, and medium enterprises (MSMEs), and the pharmaceutical industry by eliminating tariffs on items such as gems, diamonds, smartphones, and pharmaceutical products. In return, the US has agreed to reduce tariffs on Indian goods to 18 percent, opening up a vast market opportunity for Indian exporters.
Under the agreement, India has granted quota-based duty concessions for US apples, ensuring imports at Rs 80 per kg. Additionally, India has offered concessions on soybean oil imports from the US. In exchange, India will gain duty-free access to specific auto and aircraft parts in the US market, which is expected to boost the manufacturing sector, particularly in automotive and aerospace industries.
Protection for Indian Farmers and Broader Economic Impact
Commerce Minister Piyush Goyal assured that the deal will not harm Indian farmers' interests, with measures in place to protect their livelihoods while expanding export opportunities. He stated that the agreement aims to balance imports with robust safeguards for domestic agriculture. India has also provided duty concessions to the US in sectors like alcoholic beverages, cosmetics, and medical devices, fostering mutual economic growth.
This trade deal is projected to enhance bilateral relations and drive economic development, supporting India's vision of self-reliance and global competitiveness. The focus remains on creating a win-win scenario for both nations, with careful consideration for local industries and farmers.
