Several Indian goods, including agri, will have zero reciprocal tariff: Piyush Goyal on India-US trade deal

Union Minister for Commerce and Industry, Piyush Goyal addressed a press conference on India-US Interim Trade Agreement on Saturday, and said that several Indian goods will have zero reciprocal tariff, including agri products.

He said that the pact with US will not hurt interests of Indians farmers, MSMEs, handicraft, handlooms in any way. "We have not included any item where any Indian farmer will be hurt. All sensitive items have been kept out of the deal. No GM items will enter India," he added.

He mentioned that India has fully protected sensitive agricultural and dairy products such as maize, wheat, rice, soya, poultry, milk, cheese, ethanol (fuel), tobacco, certain vegetables and meat, as no duty concessions have been granted to the US on these goods under the trade agreement.

Here are a few more points to be noted, which Goyal put in his conference.

Tariffs has gone to 18 per cent from 50 per cent. He clarifies that India's tariffs are lowest in the neighbourhood.

Zero per cent duty on diamonds, pharmaceuticals and smart phones will be applicable. Moreover, spice, tea, coffee, coconut oil, vegetable wax, cashew nut, chestnut and other fruits and vegetables, avocados, bananas, pineapple, mushroom among others will also have zero per cent duty.

India has imposed a minimum import price (MIP) of Rs 80 per kg and an import duty of 25 per cent on apples from the US under the proposed India-US trade pact, which is expected to be signed by mid-March.

He also added that US will not get any relief on products like Meat, dairy, soyabean, rice, wheat, sugar, millet, banana, strawberry, cherry, green peas, and moong.

Jewellery and apparel industry will get major boost, and no tariffs on these products. India has not given any duty concessions on any dairy product, sugar, millets to US either.

Items benefiting from duty-free access include dried distillers’ grains (DDGS) for animal husbandry, wines, spirits, and other alcoholic beverages, medicines for cancer patients, cosmetics, organic and inorganic chemicals, computer products, and medical devices.

Asked about the Russian oil imports, the minister said that MEA will give information regarding the same. Furthermore, he mentioned that India to get duty-free access in certain auto, aircraft parts in US under the trade pact.

Concluding his conference on India-US Interim Trade Agreement, Goyal said, "All those products on which we are 'aatma nirbhar' have been kept out of the agreement."