TaxTMI 
TaxTMI 
Highlights of India-US interim trade agreement
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....ighlights of India-US interim trade agreement<BR>Customs & Trade<BR>Dated:- 7-2-2026<BR>PTI<BR>New Delhi, Feb 7 (PTI) The following are the key highlights of a framework that India has reached for an interim trade agreement with the US. Both countries have issued a joint statement in this regard. *US cuts tariffs on India to 18 per cent from 50 per cent earlier *This will open a USD 30 trillion....
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.... market for Indian exporters, especially MSMEs, farmers and fishermen *The increase in exports will create lakhs of new job opportunities for our women and youth *As part of this framework, the US will slash reciprocal tariffs on Indian goods to 18 per cent *The framework will provide a huge market opportunity in key sectors such as textiles and apparel, leather and footwear, plastic and rubber....
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.... products, organic chemicals, home decor, artisanal products and select machinery *Tariffs will go down to zero on a wide range of goods, including generic pharmaceuticals, gems and diamonds, and aircraft parts *India will get exemptions under Section 232 on aircraft parts, tariff rate quota on auto parts and negotiated outcomes on generic pharmaceuticals *India completely protects sensitive ag....
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....ri and dairy products, including maize, wheat, rice, soya, poultry, milk, cheese, ethanol (fuel), tobacco, certain vegetables and meat *India to eliminate or reduce tariffs on all US industrial goods and a wide range of US food and agricultural products, including dried distillers' grains, red sorghum for animal feed, tree nuts, fresh and processed fruit, soybean oil, wine and spirits, and additi....
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....onal products *Both countries commit to provide each other preferential market access in sectors of respective interest on a sustained basis *The two will establish rules of origin that ensure that the benefits of the agreement accrue predominately to US and India *The US and India will address non-tariff barriers that affect bilateral trade *India agrees to address long-standing barriers to t....
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....he trade in US medical devices; eliminate restrictive import licensing procedures that delay market access for, or impose quantitative restrictions on, US Information and Communication Technology goods *US and India intend to discuss their respective standards and conformity assessment procedures for mutually agreed sectors *In the event of any changes to the agreed upon tariffs of either countr....
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....y, US and India agree that the other country may modify its commitments *The two will work towards further expanding market access opportunities through negotiations under the bilateral trade agreement *US and India agree to strengthen economic security alignment to enhance supply chain resilience and innovation through complementary actions to address non-market policies of third parties *Indi....
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....a intends to purchase USD 500 billion of US energy products, aircraft and aircraft parts, precious metals, technology products and coking coal over the next five years *India and US will significantly increase trade in technology products, including Graphics Processing Units and other goods used in data centres, and expand joint technology cooperation *US and India commit to address discriminato....
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....ry or burdensome practices and other barriers to digital trade *US and India will promptly implement this framework and work towards finalising the interim agreement with a view to concluding a mutually beneficial bilateral trade agreement PTI RR RUK RUK<BR> News - Press release - PIB....