Lucknow (Uttar Pradesh) [India], March 2 (HBTV): Uttar Pradesh Chief Minister Yogi Adityanath lauded the interim framework for the India-US trade agreement, stating that it delivers a decisive boost to the Make in India initiative.
Calling the announcement 'a landmark step', Adityanath said the framework would expand global market access for Indian products. He thanked Prime Minister Narendra Modi for his 'decisive and dynamic leadership' in securing what he described as an 'India-first' agreement.
'A landmark step in strengthening the India-US economic partnership. This interim trade framework delivers a decisive boost to Make in India, expanding global market access for Indian products while safeguarding farmers, food security, and rural livelihoods,' Adityanath said in a post on X.
'We are thankful to our Hon. PM Narendra Modi for his decisive and dynamic leadership in securing a balanced, reciprocal, and India-first agreement that empowers MSMEs, energises exports, strengthens supply chains, and creates new opportunities for youth,' he added.
India and the United States announced a framework for an interim agreement on reciprocal and mutually beneficial trade. A joint statement said the framework reaffirms both countries’ commitment to the broader Bilateral Trade Agreement (BTA) negotiations launched by US President Donald Trump and Prime Minister Modi on February 13, 2025. The negotiations are expected to include additional market access commitments and support more resilient supply chains.
According to the joint statement, the US will apply a reciprocal tariff rate of 18 per cent on Indian-origin goods, including textiles and apparel, leather and footwear, plastic and rubber products, organic chemicals, home decor items, artisanal products, and certain machinery.
The United States will also remove tariffs on certain aircraft and aircraft parts from India that were previously imposed on national security grounds.
India, in turn, will eliminate or reduce tariffs on US industrial goods and a range of food and agricultural products, including dried distillers’ grains, red sorghum for animal feed, tree nuts, fresh and processed fruits, soybean oil, wine and spirits, among others.
The statement further noted that India intends to purchase USD 500 billion worth of US energy products, aircraft and aircraft parts, precious metals, technology products, and coking coal over the next five years.
(ANI)