Blitz Bureau
NEW DELHI: India has safeguarded the sensitivities of its agriculture and animal husbandry sectors in the interim US trade deal, Finance Minister Nirmala Sitharaman said on February 7. As part of the interim trade deal framework, the US will slash reciprocal tariffs on Indian goods to 18 per cent, providing a huge market opportunity in key sectors such as textiles and apparel, leather and footwear, plastic and rubber products, organic chemicals, home decor, artisanal products, and select machinery in the world’s largest economy.
“The framework protects key farm and dairy products, spices, and staples, strengthening farmer incomes,” said Sitharaman.
The Agreement reflects India’s commitment to safeguarding farmers’ interests and sustaining rural livelihoods by completely protecting sensitive agricultural and dairy products, including maize, wheat, rice, soya, poultry, milk, cheese, ethanol(fuel), tobacco, certain vegetables, meat, etc.
The United States and India commit to provide each other preferential market access in sectors of respective interest on a sustained basis.
The United States and India will also establish rules of origin that ensure that the benefits of the Agreement accrue predominately to the United States and India., according to a White House statement.
