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18 hours ago
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Prime Minister Narendra Modi on Friday highlighted India’s growing global economic stature, saying the country has evolved from being seen merely as a large market to becoming a trusted hub for investment and trade, as he addressed the Indian diaspora in Kuala Lumpur, Malaysia.
Referring to the recent trade deals, Prime Minister Modi said, "earlier, India was seen just as a huge market. Now we are a hub for investment and trade. India is seen as a trusted partner for growth. Whether it is the UK, UAE, Australia, New Zealand, Oman, the EU, or the USA -- countries have trade deals with India."
Meanwhile, Union Minister for Commerce and Industry Piyush Goyal on Saturday has described the newly announced framework for an interim trade agreement between India and US as a landmark moment in India's journey toward becoming a developed nation by 2047. He said that Zero tariffs on wide range of Indian exports.
Addressing the media, Goyal said, "there are some people who don't care about farmers, who try to mislead the country, they are shocked today to see how this agreement has not done anything because of which our farmers can face loss."
Goyal listed out the products where India has not given any relief in the agreement. He said, "India has not given any relief in meat, poultry, soyabean, dairy products, maize, rice, wheat, cereals, sugar, millet, fruits like banana, strawberry, cherry, citrus fruits, green pea, moong, chana, oil seeds, animal feed products, tobacco."
India-US trade deal
The US and India on Saturday announced that they have reached a framework for an interim trade agreement, under which America will reduce tariffs on India to 18 per cent, according to a joint statement issued by the White House. Both have announced that they have reached a framework for an Interim Agreement regarding reciprocal and mutually beneficial trade (Interim Agreement). The framework reaffirms the countries’ commitment to the broader U.S.-India Bilateral Trade Agreement (BTA) negotiations, launched by US President Donald J. Trump and Prime Minister Narendra Modi on February 13, 2025, which will include additional market access commitments and support more resilient supply chains.
The Ministry of Commerce & Industry has shared the joint statement in a late night note on PIB. The Interim Agreement between the United States and India will represent a historic milestone in our countries’ partnership, demonstrating a common commitment to reciprocal and balanced trade based on mutual interests and concrete outcomes.
9 trade pacts since 2014
The NDA government has finalised nine trade pacts since 2014: EU, the US, Australia, the UK, Oman, New Zealand, the UAE, the EFTA bloc, and Mauritius. Before that, several pacts were implemented, and those include the 10-nation Asean (Association of Southeast Asian Nations) bloc, Japan, South Korea, Malaysia, SAFTA (South Asia Free Trade Agreement) and Singapore.
English (US) ·