Washington: A new trade deal has been agreed between India and America, which will bring a new turn in trade relations between the two countries. After the announcement of this deal by US President Donald Trump, US Administration Trade Representative Jameson Greer gave detailed information about this deal. Greer said that under this deal, India is going to reduce tariffs on goods coming from America to zero. As a result, the presence of American products in the Indian market will increase and pave the way for new business opportunities.
Protection on Indian agricultural products will continue
Jameson Greer said the US will work on gaining access to some protected areas in India’s agriculture sector. He said that under this deal, some American products like tree nuts, wine, spirits, fruits and vegetables will be imported into the Indian market under zero tariff. However, products like Rice, Beef, Soybeans, Sugar and Dairy have not been discussed. These products were kept out of India’s recent trade agreement with the European Union.
Reduction in US tariff on India
Greer also confirmed that under this deal, India’s tariffs on US goods will be reduced from 50% to 18%. This change will bring better opportunities for American products in the Indian market. According to Greer, trade between the US and India is expected to increase to $53.5 billion by 2025.
India-US agreement on technical barriers
There were many technical barriers to trade between India and America, especially when India did not accept American standards. Greer said that now these problems will be resolved and a process will be started for India to accept American standards. This will open doors for American goods in the Indian market, thereby opening up the market of more than 1 billion people to American products.
Situation on crude oil imports from India and Russia
Regarding India’s crude oil imports from Russia, Greer said that India had not imported oil from Russia in 2022 and 2023 and now it is working towards reducing it. India has decided to diversify its supply of energy and plans to buy energy from the US and Venezuela.
