New Delhi [India], February 8 : Union Commerce and Industry Minister Piyush Goyal has credited the newly appointed US Ambassador to India, Sergio Gor, for playing a "very important role" in concluding the framework of the India-US interim trade agreement, acknowledging the contribution made by the US Envoy.
In an interview to ANI, Goyal said he had no hesitation in recognising Gor's role in helping finalise and announce the agreement, calling him a "dear friend" as well as a "well-wisher" for the India-US relationship.
"Certainly, I have no hesitation in acknowledging that Ambassador Sergio Gor, who is a dear friend, has been a well-wisher of this relationship. He did play a very important role in concluding the conversation towards finalisation and announcement. And I would like to recognise and respect his contribution," Goyal said.
The Union Minister also highlighted the continued engagement between Prime Minister Narendra Modi and US President Donald Trump, noting that regular dialogue between the two leaders helped guide the negotiations.
"Prime Minister Modi and President Trump have been in regular dialogue all through... They are both friends. They both have been in active dialogue on a variety of subjects, both relevant to our two countries and other geopolitical issues across the world," Goyal added.
He added that the "spirit of friendship" between the two leaders provided direction to the negotiating teams as they worked towards a balanced outcome for the deal, which was announced last week.
"In that spirit of friendship, as the negotiators continue to persevere towards a fair and equitable deal, the two leaders guided our teams and guided us to make sure that it's a good deal that we come up with," he said.
"The U.S. is a country which has very deep strategic interests for India, as do we for the U.S., Our partnership encompasses much more than trade. We have a strong defense partnership. We are members of two quads. Both of us share interests in critical minerals, in the partnership on technology. So for us, this is a trade agreement will further cement the US-India long-term strategic goals into outcomes ...We have come up with a very very good agreement which will serve both countries honorably, which will provide opportunities for both countries in their respective areas of strength, which are quite different," the Minister added.
The United States and India announced a framework for an Interim Agreement on reciprocal, mutually beneficial trade, reaffirming their commitment to a broader Bilateral Trade Agreement (BTA) launched by President Donald Trump and Prime Minister Narendra Modi on February 13, 2025.
As part of the framework, India has agreed to eliminate or reduce tariffs on all US industrial goods and a wide range of US agricultural and food products, including dried distillers' grains (DDGs), red sorghum for animal feed, tree nuts, fresh and processed fruit, soybean oil, wine and spirits, and additional products.
On the other hand, the United States will impose a reciprocal tariff of 18 per cent on goods originating in India, including textiles and apparel, leather and footwear, plastic and rubber products, organic chemicals, home decor, artisanal goods and certain machinery. Subject to the successful conclusion of the Interim Agreement, the US has said it will later remove reciprocal tariffs on select items, including generic pharmaceuticals, gems and diamonds, and aircraft parts.
The United States will also remove tariffs on certain aircraft and aircraft parts from India, which were imposed to address national security threats, the joint statement said.
According to the statement, India will eliminate or reduce tariffs on all US industrial goods and a wide range of US food and agricultural products, including dried distillers' grains (DDGs), red sorghum for animal feed, tree nuts, fresh and processed fruit, soybean oil, wine and spirits, and additional products.
India also intends to purchase USD 500 billion of US energy products, aircraft and aircraft parts, precious metals, technology products, and coking coal over the next five years.