The United States and India have completed their work on developing a temporary trade agreement framework. The development was confirmed through a joint statement issued by both countries. Prime Minister Narendra Modi described the agreement as positive for both nations.
Prime Minister Modi Responds
- Prime Minister Modi shared his response on X, formerly known as Twitter. The agreement shows how India and the United States have developed stronger ties through their increasing partnership. He thanked US President Donald Trump for his involvement and efforts to strengthen bilateral relations.
- According to Modi, the agreement shows partnership, trust, and forward momentum between the two countries. The deal will provide benefits to Indian farmers and micro and small businesses and startup companies and fishermen according to him. The agreement will create more job opportunities for women and youth while strengthening the Make in India initiative according to him.
Key Trade Commitments
The United States announced new tariff reductions for Indian products following the agreement. Tariff rates will be lowered from 50 percent to 18 percent. The US also stated that India has agreed to import goods worth 500 billion dollars from the United States.
Government Reaction in India
Union Minister of Commerce and Industry Piyush Goyal welcomed the agreement. The deal will enable Indian exporters to enter a market that has a total value of 30 trillion dollars according to him. He described the agreement as a historic step for India’s trade and export growth.
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