ASSOCHAM hailed the India-US trade deal, saying that it has set a new era of global trade leadership. In a statement, President ASSOCHAM Nirmal K Minda said that bilateral trade between India and the US is expected to reach 500 Billion dollars in the next five years. He highlighted that India has achieved a major breakthrough in its trade relations with the United States with the reduction of tariff rates by US on Indian exports to 18 per cent. Mr Minda said that this historic step is set to boost trade trajectory between both countries to its next level.
He said that the tariff reduction significantly enhances the cost competitiveness of Indian exporters in the US market. Mr Minda further highlighted that, at 18%, India now enjoys a lower tariff rate than key competitors such as Bangladesh, Vietnam, Sri Lanka, Taiwan, Pakistan, Indonesia, Malaysia, and Thailand. Even major exporters like Canada and South Africa face higher duties, placing India in a relatively advantageous position.
Mr Minda that it represents a major improvement and a significant breakthrough for Made in India products, ensuring enhanced access to the world’s largest economy. He added that this development will strengthen labour-intensive sectors such as textiles, garments, footwear, and electronics, deepen bilateral economic cooperation, attract global buyers, and integrate more supply chain investments into India. He said, it will sustainably enhance India’s export prospects and reinforce its leadership in global trade.
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