Union Commerce and Industry Minister Piyush Goyal
The trade deal between India and America has been finalized. Union Commerce and Industry Minister Piyush Goyal formally announced this deal on Tuesday. He said that India and America have signed a big trade agreement on Monday. Under this agreement, America has reduced the tariff on Indian goods to 18 percent. This has given India an edge over regional export competitors like China, Indonesia, Vietnam and Bangladesh.
The Union Minister said that this step will strengthen India’s economy and will bring many new opportunities for the citizens of the country. This deal will further strengthen the strong future of India. It is noteworthy that late on Monday evening, US President Donald Trump had announced the India-America trade deal. Talks regarding this deal were going on between the two countries for a long time. Under this agreement, America has reduced the tariff on Indian goods from 50 percent to 18 percent. This also included the 25 percent tariff that was imposed as a penalty for purchasing oil from Russia. Trump said that India is now ready to buy oil from America-Venezuela and will also stop purchasing oil from Russia.
Farmers and women benefit
Piyush Goyal said that under the leadership of PM Modi, this long-awaited trade agreement was completed yesterday, keeping the national interest at the top. He said, I congratulate everyone because this will benefit the 1.4 billion people of India. The poor, farmers, fishermen, youth and women will all benefit from this agreement.
Manufacturing will get a boost
The Union Minister said, “This historic India-US agreement marks the beginning of a new era of cooperation in trade and development between the world’s two largest democracies. This will boost trade and manufacturing, increase employment opportunities and help India move rapidly towards a developed India.”
Dairy and agriculture sector safe
Piyush Goyal said, this trade agreement with America is the best compared to our neighboring countries and all the countries participating in the race with us. Piyush Goyal said that the dairy and agriculture sectors have been protected in the US-India trade agreement. This agreement keeps national interest above all. The US-India trade agreement is not just a trade agreement, but it is a big sign that India will move forward rapidly.
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