From Prime Minister Narendra Modi to Union Finance Minister Nirmala Sitharaman, several leaders in India welcomed the Indo-US “interim” framework unveiled by both sides on Saturday.
According to the joint statement, the two countries will “immediately” implement the framework and work to finalize an interim agreement with the aim of concluding a mutually beneficial bilateral trade agreement (BTA).
Union Commerce Minister Piyush Goyal said the interim pact would open up a $30 trillion market to Indian exporters, especially SMEs, farmers and fishermen, as US tariffs on Indian goods will drop to 18 percent from 50 percent previously.
What do the leaders of the ruling parties say?
Prime Minister Modi called it “great news” and thanked US President Donald Trump “for his personal commitment to strong ties between our countries”.
PM Modi said, “This framework reflects the growing depth, trust and momentum of our partnership. It strengthens ‘Make in India’ by opening up new opportunities for India’s hard-working farmers, entrepreneurs, SMEs, StartUp innovators, fishermen and others. It will create large-scale employment for women and youth.”
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He added, “This framework will also strengthen resilient and trusted supply chains and contribute to global growth. As India moves towards building Viksit Bharat, we remain committed to building global partnerships that are forward-looking, empower our people and contribute to shared prosperity.”
Here’s what other leaders had to say:
Finance Minister Nirmala Sitharaman posted on X saying: “India and the US issue a joint statement: announcing a ‘Framework for an Interim Agreement on Reciprocal and Mutually Beneficial Trade (Interim Agreement).’ We remain committed to negotiating a broader US-India Bilateral Trade Agreement (BTA).
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Union Minister Kiren Kiren congratulated the people of India and the US on the Interim Agreement Framework.
He said, “Under the leadership of Hon’ble PM @NarendraModi, India is securing deals with major countries that will primarily benefit Indian exporters, especially small and medium enterprises, farmers and fishermen.”
“The increase in exports will create thousands of new job opportunities for our women and youth,” Rijiju said.
External Affairs Minister S Jaishankar said, “The framework for the Interim Agreement will create a mutually beneficial trade partnership between India and the US.”
“The framework will ensure better market access and opportunities for our exporters. New horizons have opened up that will further promote the Make in India brand,” added Jaishankar.
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Meantime, Commerce Minister Piyush Goyal he stressed that the deal will open up a $30 trillion market to Indian exporters, especially small and medium enterprises, farmers and fishermen. “The increase in exports will create thousands of new job opportunities for our women and youth,” he said.
Goyal reiterated that the agreement “reflects India’s commitment to protect farmers’ interests and sustain rural livelihoods by fully protecting sensitive agricultural and dairy products, including maize, wheat, rice, soya, poultry, milk, cheese, ethanol (fuel), tobacco, certain vegetables, meat, etc.
“This agreement will help India and the US remain focused on working together to further deepen economic cooperation that reflects a shared commitment to sustainable growth for our people and businesses. Towards the realization of Viksit Bharat!”, Goyal said.
Besides, Petroleum Minister Hardeep Singh Puri said, “The India-US Interim Trade Agreement is anchored in the shared commitment of our two great nations to a great future under the leadership of PM Sh @narendramodi ji and @POTUS @realDonaldTrump.”
“It will further strengthen the @makeinindia initiative and open up huge opportunities for our farmers, entrepreneurs, SMEs, start-up innovators, fishermen and others by creating massive direct and indirect employment opportunities, especially for our youth,” he wrote on X.
“As we continue our journey towards #ViksitBharat, this framework reflects a commitment to foster innovation and will further deepen the investment and technology partnership between India and the US,” he added.
Defense Minister Rajnath Singh posted on X: “Under the visionary leadership of PM Shri @narendramodi ji, India and the US have agreed on a framework for an Interim Trade Agreement. This milestone marks a strategic milestone in India’s economic journey.”
“It will significantly expand export opportunities, strengthen labour-intensive industries, attract high-quality investment and create large-scale employment,” he said.
“The interests of our farmers and agriculture have been protected. I express my gratitude to PM Modi for his tireless efforts in opening historic avenues for growth, employment and long-term economic empowerment,” he added.
Key things
- The interim trade deal will significantly reduce US tariffs on Indian goods.
- The deal is expected to open up a $30 trillion market, benefiting MSMEs and agriculture sectors.
- Leaders highlight job creation and economic cooperation as key outcomes of the agreement.