Union commerce minister Piyush Goyal on Saturday stated that no import benefits will be given to the United States on agricultural products. Detailing on the India-US joint statement on the bilateral trade agreement, the BJP leader added that this decision was taken since India is “self-sufficient” in the agricultural sector.
Detailing on the India-US joint statement on the bilateral trade agreement, the BJP leader added that this decision was taken since India is “self-sufficient” in the agricultural sector. (Raj K Raj / Hindustan Times)
Speaking to reporters during a press conference, Goyal stated that the no import benefits product list includes – meat, poultry, dairy, soyabean, maize, rice, wheat, cereals, millets (jawar, bajra, ragi), fruits, green tea, oil seeds, ground nuts, honey, non-alcoholic drinks, ethanol and tobacco. Follow LIVE updates here
This comes as a step away from the other free-trade agreements India has signed with the European Union, the United Kingdom and Australia.
India has usually kept out sensitive sectors such as dairy, rice, wheat, meat, poultry, cereals, GM foods, soymeal, and maize out of the ambit of its trade agreements due to these sectors playing a crucial role in India’s economy.
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Goyal expands on India-US joint statement
In his press conference, Piyush Goyal said that trade pact will open $30 trillion market for Indian exporters, especially MSMEs, farmers and fishermen.
The union minister also named key items that will enjoy zero duty under the India-US interim trade agreement. He said that several Indian exports to the United States, including gems and diamonds, pharmaceutical products, and smartphones, will continue to attract zero duty.
“In this way, there are numerous such items on which zero duty will be levied in the future,” he added.
In the agricultural sector, a wide range of products will also benefit from a zero reciprocal tariff. These include spices, tea, coffee and their derivatives, coconut and coconut oil, vegetable wax, areca nut, Brazil nut, cashew nut, chestnut, as well as many fruits and vegetables, providing significant opportunities for Indian farmers.
Adding to the details, the senior leader also stated that the increase in exports will create lakhs of new job opportunities for women and youth in India.
