economy
February 4, 2026
Indian trade minister reveals details of deal with US
India intends to protect its sensitive sectors like agriculture, Trade Minister Piyush Goyal has said
TL;DR
- India plans to protect its sensitive sectors, particularly agriculture and dairy, in a new trade deal with the US.
- The deal, nearing finalization, aims to open up opportunities for Indian sectors like MSME, engineering, gem and jewelry, leather, textile, and marine.
- Previous trade discussions between India and the US had stalled, resulting in US tariffs on Indian products.
- The US will drop an additional 25% tariff previously levied on India for importing Russian oil.
- Indian exports to the US will now receive the second-best tariff rate in Asia, following Japan.
- The US President claimed India agreed to stop buying Russian oil and increase purchases from the US across various product categories.
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