He also said that the interests of India's farmers and dairy sector have been protected in the agreement.
Goyal said that dairy, fruits, vegetables, spices, and other grains have been protected. Check out the list of agricultural goods, vegetables, and spices that the US cannot export to India
The details of the much-awaited agreement framework are out -- right from the size of the export market to tariff reductions to protected sectors. Check here
Union Minister Piyush Goyal says India’s new strategic economic framework with the world’s largest economy is a landmark step that will accelerate global growth and innovation in the years ahead. He emphasised that the agreement has been crafted in the larger interest of India’s people and the nation, strengthening both a developed and self-reliant India. According to Goyal, the pact aligns closely with Prime Minister Narendra Modi’s long-term vision of a strong, competitive, and globally influential India. By encouraging innovation, trade, and structural cooperation, the agreement is expected to open new opportunities for Indian businesses and industries. The government, he said, remains committed to working relentlessly to transform this vision into reality and position India as a key driver of global economic progress.
Three days after President Trump's surprise announcement of a US-India trade deal (including posting an iconic India Today cover on Truth Social), clarity emerges. US tariffs on Indian goods drop from 50% to 18%, but full implementation awaits a formal signing by end of March or mid-March. Next big announcement expected early next week. India's Commerce Minister Piyush Goyal addresses the $500B investment figure, confirms sensitive sectors like agriculture & dairy are protected, and reiterates no firm commitment to slash Russian oil imports—despite US claims. Phased approach brings immediate exporter gains while larger deal talks continue. Latest updates on Modi-Trump negotiations, tariff relief, oil stance & bilateral trade future.
India and the United States are moving rapidly towards finalising the first tranche of their bilateral trade agreement, with a joint statement expected within the next few days and a formal legal agreement targeted around March 2026. The deal is aimed at strengthening economic ties, boosting bilateral trade and improving market access for businesses in both countries. Reports indicate that once the joint statement is issued, the United States could move ahead with tariff actions through executive mechanisms, while India is expected to implement tariff changes only after the formal legal agreement is signed due to its MFN tariff structure. The agreement is being positioned as a major step towards deeper economic cooperation, with tariff reductions — including movement towards around 18% on certain Indian exports — expected to improve the competitiveness of ‘Made in India’ products in the US market and open new export opportunities across sectors. The deal is also part of a broader push to expand trade flows and strengthen supply chain resilience between the two economies. With both countries targeting stronger long-term trade ties and a potential expansion towards a much larger bilateral trade relationship in the coming years, policymakers see this as a strategic moment in India’s journey towards high-growth, high-technology and manufacturing-led economic expansion
MEA: Ensuring Energy Security Of 1.4 Billion Indians Is Priority, Will Diversify Accordingly
The UAE remains India’s largest trading partner within the GCC, with bilateral trade surging to $100.06 billion in FY25, up from $83.6 billion in FY24. Imports from the UAE stood at $63.42 billion, while exports reached $36.64 billion.
He added that the legal text of the first tranche of the India-US trade agreement is likely to be out by mid-March
India's key sensitivities in the food and agriculture sector have been fully taken into account, Piyush Goyal told Lok Sabha MPs
White House Press Secretary Karoline Leavitt told reporters on Tuesday that New Delhi has agreed to stop buying Russian crude and instead increase purchases from the United States
RBI Credit Policy LIVE Analysis | Aditya Pagaria Explains Rate Pause Impact




