NEW DELHI: Commerce and trade minister Piyush Goyal has stated Indian exporters will take pleasure in a “aggressive benefit” within the US market below the interim commerce framework, arguing that an 18 per cent tariff on Indian items compares favourably with greater duties imposed on others.Talking after a day after US President Donald Trump signed an government order lowering tariffs on Indian imports to 18 per cent, Goyal dismissed criticism that New Delhi conceded an excessive amount of by accepting the speed whereas providing duty-free entry to American items.
Additionally learn: Piyush Goyal hails negotiators behind FTAs after India-US commerce dealIn an unique interview with PTI, Goyal identified that China faces tariffs of 35 per cent, whereas a number of different nations are topic to duties of 19 per cent or extra, positioning India extra favourably in relative phrases.The manager order removes a 25 per cent extra obligation imposed in August 2025, which had been layered on high of an earlier 25 per cent reciprocal tariff, pushing efficient duties on some Indian exports to as excessive as 50 per cent. The brand new 18 per cent charge marks a big rollback and restores India’s standing within the US market after months of pressure linked to New Delhi’s purchases of Russian oil.Goyal stated a brief doc couldn’t mirror the total scope of the settlement and insisted that enough safeguards had been in-built, significantly for farmers. “I’m very enthusiastic about the way forward for India. I can see earlier than my eyes these worldwide engagements, now we have concluded 9 agreements the world over, within the East and the West, overlaying completely different continents and 38 nations. Thirty-seven of them are developed; Mauritius has a largely Indian-origin inhabitants and doesn’t compete with us. These 38 nations signify a really massive share of worldwide GDP. They’re wealthy economies that largely don’t compete with us and are principally complementary.”He added, “I can see the large potential that going worldwide will present for our farmers, fishermen, staff, companies, traders, and MSMEs, creating many job alternatives. Successfully, now we have opened massive markets, along with India’s personal fast-growing massive economic system, enabling economies of scale. Excessive-quality manufacturing and repair supply can change into the hallmark of India. That is the trail to Viksit Bharat 2047.”Goyal additionally framed India’s commerce negotiations as being performed from a place of energy. “That is what is our negotiating energy,” he stated, noting that India is at the moment a $4 trillion economic system however is projected to develop to $30–35 trillion by 2047. “And that’s the confidence that india has at this time, that delta of alternative from 4 trillion to 30-35 trillion, that’s the future we provide.”
