As India, US head towards a new relationship, here are the numbers that matter

[ad_1] India and the US agreed on an interim trade framework that expands market access, lowers tariffs and sets the stage for a broader bilateral deal. The framework targets balanced trade, supply chain resilience and deeper technology cooperation. India intends to buy $500 billion of US energy & tech products, aircraft & parts, precious metals, tech products, coking coal over 5 years. ET takes a look:KEY GAINS FOR INDIA18% US tariff, below key competitors$44 b of Indian exports will get duty free access to the USLower duty on critical tech inputs, chips, semiconductor, aircraft, machineryZero duty on spices, tea, coffee, avocado, barley, canary seeds, bakery goods, cocoa & products, sesame seeds, poppy seeds, fruit jams & pastesNo additional duty on Section 232 goods, aircraft and machinery parts, generic drugs, pharma ingredients, elementary auto parts SECTORAL GAINSTEXTILE & APPAREL0% on silk; Market access of $13 billionEdge over others: China (35% tariff), Bangladesh (20%), Vietnam (20%), Indonesia (19%)GEMS & JEWELLERYMarket access of $61 billion0% duty market access of $29 billion for diamonds, platinum, coins, etcTariff advantage: South Africa (30%), Thailand (19%), China (35%)LEATHER & FOOTWEARMarket access of $42 billionEdge over China (35%), Indonesia (19%), Cambodia (19%)TOYSLive EventsMarket opportunity of $18 billionCompetitive access: China (35%), Indonesia (19%), Vietnam (20%)MACHINERY & PARTSMarket access of $477 billion with current India exports of $2.35 bEdge over Malaysia (19%), Thailand (19%), Vietnam (20%)HOME décorTrade access of $52 billion0% duty free access to market worth $13 billion for products seats, parts of lamp, chandeliers, etcEdge over China (35%), Vietnam (20%), Malaysia (19%)NON-TARIFF MEASURESIndia to address US concerns on medical devices, ICT import licensing, food/agri productsNew Delhi will also review US/global standards, testing norms within six months in selected sectorsSAFEGUARD CLAUSEBoth countries noted that any changes in agreed tariffs by one side allows the other to modify its commitmentsDigital trade rules to be part of BTA GROWTH BOOSTExports lift could add 20–30bps to FY27 GDWHAT INDIA IS OFFERINGLow or zero levy on all US industrial goodsCut in tariffs on selected agricultural and food products, including animal feed, tree nuts, fresh & processed fruits, soyabean oil, wine and spiritsApple, almonds, cotton allowed on quotaSensitive staple items outside interim deal ambitZero duty on 800-1,600 cc bikes, duty cut on diesel cars above 2,500 cc & petrol cars above 3,000 cc [ad_2] Source link Follow Us: https://facebook.com/gagab2b https://youtube.com/gagab2b https://gagab2b.com https://gagab2b.com/import-export-news/import-export-india-news/as-india-us-head-towards-a-new-relationship-here-are-the-numbers-that-matter/?feed_id=4085&_unique_id=698961a05d03d

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