Hyderabad (Telangana) [India], February 7 : The BJP president of the Telangana unit, N. Ramchander Rao, said on Saturday that India and the United States have reached an agreement on a Framework for an Interim Trade Agreement, a landmark decision that is expected to expand India's global economic footprint and create large-scale employment. He added that the deal, led by Prime Minister Narendra Modi, provides Indian exporters with unprecedented competitive advantages by securing zero-tariff access across a wide range of high-value goods, including gems, diamonds, pharmaceuticals, and aircraft components.
In a post on X, he wrote, "Under the visionary and decisive leadership of Hon'ble Prime Minister Shri Narendra Modi
ji, India and the United States have agreed on a Framework for an Interim Trade Agreement. This will expand India's global economic footprint. It will unlock new export avenues, strengthen labour-intensive sectors, attract high-quality investment, and generate large-scale employment, particularly for women and youth. India has secured zero-tariff access across a wide spectrum of high-value goods, including gems and diamonds, pharmaceuticals, and aircraft components, giving Indian exporters an unprecedented competitive edge."
"Through PM Modi's decisive leadership, Indian MSMEs, farmers and fishermen are now poised to access a $30-trillion global market, setting the stage for sustained growth, job creation and long-term economic empowerment. I extend my gratitude to Prime Minister Shri Narendra Modi for his relentless efforts in opening historic pathways for prosperity and opportunity for our Country. Congratulations also to the people of India and the United States on this agreement. Modi ji's Reform Express is in full motion, powering India's march towards Viksit Bharat 2047," Rao added.
India and the US announced a framework for an Interim Agreement on February 6, regarding reciprocal and mutually beneficial trade. The joint statement said that the framework reaffirms the countries' commitment to the broader Bilateral Trade Agreement (BTA) negotiations, launched by President Donald Trump and Prime Minister Narendra Modi on February 13, 2025, which will include additional market access commitments and support more resilient supply chains.
As per the joint statement, the US will apply a reciprocal tariff rate of 18 per cent on Indian originating goods, including textiles and apparel, leather and footwear, plastic and rubber, organic chemicals, home decor, artisanal products, and certain machinery.