New Delhi, Feb 7 (NationPress) Emphasizing that India has fully safeguarded its agriculture and dairy sectors within the framework of the US trade agreement, Commerce and Industry Minister Piyush Goyal declared on Saturday that the nation now enjoys the lowest US tariffs among its regional neighbors and competitors.

In contrast, China faces tariffs exceeding 35 percent, while Bangladesh and Vietnam are subjected to 25 percent tariffs. Goyal noted that India's tariffs are significantly lower in comparison.

Countries with the steepest tariffs from the US include Brazil (50 percent), Myanmar (40 percent), Laos (40 percent), and South Africa (30 percent).

Under the agreement, numerous Indian agricultural products will now be exported to the US at zero duty. These products encompass tea, spices, coconut oil, vegetable wax, areca nuts, Brazil nuts, chestnuts, along with various fruits and vegetables, according to Goyal.

Moreover, staples such as vegetable roots, cereals, barley, baked goods, cocoa products, sesame seeds, poppy seeds, and citrus juice will also enter the US market duty-free.

Furthermore, gems and jewellery as well as pharmaceuticals will benefit from duty-free access, enhancing India's competitive edge in exports.

Key sectors that will reap benefits include aircraft parts, machinery components, and generic drugs. Other items that will enjoy zero duty include coins, platinum, clocks and watches, essential oils, decorative items like chandeliers, seeds, and inorganic chemicals.

He reiterated that the trade agreement is designed to protect farmers' interests and bolster their livelihoods while expanding export avenues.

Goyal confirmed that no genetically-modified products will be permitted into India, ensuring staples like maize, rice, wheat, millets, and ragi remain unaffected.

Fruits that are abundantly cultivated in India, such as bananas and citrus fruits, will also be safeguarded. Additionally, meat, poultry, dairy products, soybeans, sugar, and cereals will not be impacted by the agreement.

Significant advantages will also be realized for the textile and leather sectors, with silk products falling under zero duty, as the minister pointed out.

In a social media post earlier on Saturday, the Commerce Minister stated that the trade agreement framework will facilitate ongoing collaboration between India and the US to deepen economic ties, reflecting a mutual commitment to sustainable growth for both nations' citizens and businesses.

This development is projected to unlock a $30 trillion market for Indian exporters, particularly benefiting MSMEs, farmers, and fishermen. Goyal emphasized that the surge in exports will generate numerous job opportunities for women and youth.