India-US trade deal a win-win for citizens, industries, says Vaishnaw

Union Minister Ashwini Vaishnaw on Monday said the India-US trade agreement is a win-win deal which will benefit citizens and industries of both countries.

Vaishnaw's remarks came soon after US President Donald Trump spoke to Prime Minister Narendra Modi and announced that India and the US have agreed on a trade deal.

Under the agreed deal, Washington will bring down the reciprocal tariff on Indian goods to 18 per cent from the current 25 per cent. Trump said India will move forward to reduce "tariffs and non-tariff barriers" against the US to zero, adding New Delhi would buy American goods, including energy, worth more than $500 billion.

 

In a post on X, Vaishnaw, the Union minister for information and broadcasting, said, "Trade deal between the US and India will lead to a brighter future for both countries."  "India-US trade deal is a win-win deal. Citizens and industries of both countries will benefit greatly from this deal," he said.

Terming the US and India as the world's largest democracies and natural allies, the minister said, "Together, India and the US have huge potential to work for peace and development."  "The US and India have complementary strengths. Both countries can co-create technologies and co-develop solutions that will benefit the world," Vaishnaw added.

Prime Minister Narendra Modi said he was delighted that "Made in India products will now have a reduced tariff of 18 per cent".

"Wonderful to speak with my dear friend President Trump today. Delighted that Made in India products will now have a reduced tariff of 18 per cent. Big thanks to President Trump on behalf of the 1.4 billion people of India for this wonderful announcement," Modi said.

The prime minister said that when two large economies and the world's largest democracies work together, it benefits the people and "unlocks immense opportunities for mutually beneficial cooperation".