The United States has secured wider market access for its farmers and manufacturers in India following the new trade agreement, according to the Office of the US Trade Representative (USTR).
The American trade body said India would remove or cut customs duties on US-made industrial goods, while also offering concessions on a wide range of agricultural imports.
"From tree nuts and dried distillers' grains to red sorghum and fresh and processed fruit, the US-India agreement will provide new market access for American products,” the USTR said.
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The USTR's reaction comes after the US and India announced a framework for an Interim Agreement regarding “reciprocal and mutually beneficial trade”.
“India will eliminate or reduce tariffs on all U.S. industrial goods and a wide range of U.S. food and agricultural products, including dried distillers' grains (DDGs), red sorghum for animal feed, tree nuts, fresh and processed fruit, soybean oil, wine and spirits, and additional products,” said a US-India joint statement.
As per the USTR, “President Trump is expanding American farmers and producers' access to one of the largest economies in the world, with India committing to eliminate or lower tariffs for all US industrial goods and a wide array of agricultural products; address long-standing non-tariff barriers to trade; buy more American goods and services and purchase over $500 billion of US products.”
US Trade Representative Ambassador Jamieson Greer welcomed the deal, saying President Donald Trump's negotiation strategy was helping secure greater access to a major global economy for US producers and employees.
“President Trump's dealmaking is unlocking one of the largest economies in the world for American workers and producers, lowering tariffs for all U.S. industrial goods and a wide array of agricultural products,” said Ambassador Greer.
He further thanked Union Minister of Commerce and Industry Piyush Goyal for “his leadership and commitment to achieve fair and balanced trade with the United States.”
As per the joint statement, “The United States and India will promptly implement this framework and work towards finalising the Interim Agreement with a view to concluding a mutually beneficial BTA (Bilateral Trade Agreement) consistent with the roadmap agreed in the Terms of Reference.”
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