Breaking Barriers: India and US Tariff Reduction Deal

Commerce and Industry Minister Piyush Goyal will meet with export promotion councils as India finalizes trade agreements with the US and EU. The US agreed to lower tariffs on Indian goods from 25% to 18%, a crucial development for India's textile, leather, footwear, and gems exports.

Commerce and Industry Minister Piyush Goyal is set to meet with export promotion councils and industry associations on February 11 in a critical discussion regarding trade agreements with the US and the European Union, as per an official announcement on Monday.

This meeting holds particular importance as India and the US have reached an agreement for the initial phase of a bilateral trade deal. The negotiation framework includes a commitment from the US to reduce reciprocal tariffs on Indian goods from 25% to 18%. Previously, the US had removed a 25% punitive tariff imposed last year due to India's purchase of Russian crude.

The Indian export community, especially in textiles, leather, footwear, and gems, eagerly anticipates this development. The US is a significant export market for these sectors. An industry official confirmed that all relevant export councils will attend the meeting. Additionally, India recently concluded negotiations for a free trade agreement with the EU.

(With inputs from agencies.)