Blitz Bureau
NEW DELHI: Union Commerce Minister Piyush Goyal on February 7 lauded India’s framework for an interim trade agreement with the United States, stating that it would unlock access to $30 trillion market for Indian exporters, particularly benefiting the MSMEs.
In an X post, Goyal stated that an agreement would significantly boost exports and create lakhs of new jobs, especially for women and youth. “Under the decisive leadership of PM Narendra Modi, India has reached a framework for an interim agreement with the US. This will open a $30 trillion market for Indian exporters especially MSMEs and fishermen. The increase in exports will create lakhs of new job opportunities for our women and youth,” the X post said.
Goyal asserted that under the framework, the US will reduce reciprocal tariffs on Indian goods to 18%, creating major opportunities in sectors such as textiles and apparel, leather and footwear, plastic and rubber products, organic chemicals, home decor, artisanal goods, and select machinery in the world’s largest economy.
“As part of this framework, the US will slash reciprocal tariffs on Indian goods to 18%, providing a huge market opportunity in key sectors such as textiles & apparel, leather & footwear, plastic & rubber products, organic chemicals, home decor, artisanal products, and select machinery in the world’s largest economy,” the ‘X’ post added.”