India-US Trade Deal: Boost for Exports

New Delhi, Feb 3 (PTI) Industry bodies on Tuesday welcomed the finalisation of the India-US trade deal, saying the reduction of tariffs to 18 per cent would enhance the global competitiveness of Indian exports and broaden their market access.

Rajiv Memani, President, CII, said, "The expected reduction of US-India tariffs to 18 per cent marks a significant step forward in the strategic economic partnership between India and US".

Further, he said the India-US trade deal underscores the shared commitment of India and the US to deepen trade, technology & investment ties in an increasingly competitive global landscape.

Anant Goenka, President, FICCI said the reduction of reciprocal tariffs on Indian goods to 18 per cent -- following months of negotiation by the Commerce and Industry Minister and his team -- will materially improve the competitiveness of Indian exports in the world's largest import market.


"With sectors such as apparel, leather, gems and jewellery and marine products poised to benefit, this agreement has the potential to strengthen business confidence and deepen bilateral economic engagement," Goenka said.

"If implemented effectively, it can provide a meaningful boost to India's export growth trajectory, broaden market access, and underscore the strategic importance of sustained cooperation between two of the world's largest democracies," he added.

According to PHDCCI President Rajeev Juneja, reduced tariffs cut input costs for domestic industries, strengthen supply chains, and ease inflation by lowering prices for businesses and consumers.

The move is expected to benefit key sectors such as manufacturing, technology, healthcare and renewable energy by improving access to intermediate goods, capital equipment and critical components. PTI RSN DR

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