Commerce Minister Piyush Goyal stated on Saturday (February 7, 2026) that the interim settlement between India and the US doesn’t embody any objects that will hurt Indian farmers, including that there are a number of areas the place Indian farmers and MSMEs take pleasure in duty-free entry into the US market.
India and the US issued a joint assertion early Saturday morning (February 7, 2026) saying that the 2 international locations have reached an interim settlement framework and can proceed to work collectively in direction of a extra complete bilateral commerce settlement.
US President Donald Trump has already signed an govt order lifting the 25% tariff that the US had imposed on imports from India for Russian oil commerce, however one other govt order is anticipated to be introduced subsequent week to cut back the remaining 25% reciprocal tariff to 18%, Goyal stated.
“We now have not included something that will hurt Indian farmers,” Goyal stated at a press convention later that day. “All delicate objects are excluded from the settlement. Genetically modified objects is not going to enter India. Meat, poultry, dairy merchandise, soybeans, maize, rice, wheat, sugar, millet, fruits equivalent to bananas, strawberries, cherries, citrus fruits, inexperienced peas, kaburi chana, moong, oilseeds, ethanol and tobacco aren’t exempt from obligation (to the US).”
How will India profit?
He additionally listed numerous different areas the place export duties to the US may very well be lowered from 50% to 0%.
These embody jewellery and diamonds, prescription drugs, plane components, mechanical components, generic medicines, pharmaceutical merchandise, some auto components, jewellery and diamonds, platinum, watches and clocks, important oils, upholstery objects equivalent to chandeliers, lamp components, some inorganic chemical compounds, and a few paper, plastic, and wooden merchandise.
“A number of agricultural exports equivalent to spices, tea, espresso, copra, coconut and coconut oil, vegetable oils, areca nuts, brazil nuts, cashew nuts, chestnuts, avocados, bananas, guavas, mangoes, kiwis, papayas, some vegetables and fruit equivalent to mushrooms, components for vegetable servings, vegetable sap, vegetable roots, grains like barley, and a few processed merchandise will entice zero obligation from 50 per cent. Meals,” Goyal stated.
India lowered tariffs
The Commerce Minister acknowledged that he has lowered or eradicated tariffs on objects that India wants however doesn’t produce, or that India produces however doesn’t produce in adequate portions.
“Customs obligation can be eliminated on some objects instantly, whereas on others will probably be eliminated in a phased method and on some objects, tariffs can be utilized on a quota foundation,” Goyal stated.
This stuff embody apples, distillers dried grains (DDGS) with solubles, wine and spirits (with minimal import costs), pista, walnuts, almonds, some industrial manufacturing uncooked supplies, many prescription drugs for most cancers therapy, coronary heart therapy, and neurological therapy, some cosmetics, natural and inorganic chemical compounds, some computer-related merchandise, and a few medical tools.
“It’s a huge win for India that the US has agreed to supply varied ICT merchandise that India wants,” Goyal stated.
issued – February 7, 2026 3:06 PM IST
