India to get 'zero tariff' US textile deal: Piyush Goyal
What's the story
India is set to get textile-related trade benefits from the United States, similar to those given to Bangladesh. Union Commerce Minister Piyush Goyal told reporters Indian garment traders will soon have zero-tariff access for clothes made from American cotton. The trade deal between New Delhi and Washington will include duty benefits for imported US cotton yarn, Goyal added.
Deal comparison
Goyal slams Rahul Gandhi
Goyal also dismissed allegations that Bangladesh got a better deal than India. He slammed Congress leader Rahul Gandhi for claiming otherwise in Parliament, saying, "He (Rahul Gandhi) spread another lie in the Parliament that Bangladesh has got more benefits from the trade than India." The minister assured that India's framework agreement is being prepared and the "fine print" will be clearer once finalized.
Trade announcement
Trump announces interim trade deal with India
The comments come after President Donald Trump announced an interim trade deal with India, reducing reciprocal tariffs on Indian goods from 25% to 18%. The deal also removed a 25% punitive duty on India's Russian oil purchases. However, Indian farmers are worried that too many concessions were made in agriculture for lower tariffs.
Agricultural concerns
Farmers should not worry, says Goyal
Despite farmers' concerns, Goyal assured that Indian products will be exported in large quantities to several countries, including the US, the European Union, the UK, Switzerland, Norway and Australia. He predicted that India's current exports of ₹5 lakh crore would double to ₹10 lakh crore with this deal. The minister also called for Gandhi to apologize to Indian farmers and workers for his claims.