New Delhi [India], February 7 (ANI): Defence Minister Rajnath Singh on Saturday hailed the interim framework for the US-India trade agreement, underscoring the benefits, including expanded exports, strengthened labour-intensive sectors, and job creation.

Rajnath Singh also assured that farmers' interests are safeguarded in this deal, emphasising the government's commitment to the country's economic empowerment.

'Under the visionary leadership of PM Narendra Modi, India-US have agreed on a framework for an Interim Trade Agreement. This landmark framework represents a strategic milestone in India's economic journey. It will significantly expand export opportunities, strengthen labour-intensive sectors, attract high-quality investments and create large-scale employment,' Rajnath Singh said.

'The interests of our farmers and agriculture have been safeguarded. I express my gratitude to PM Modi for his tireless efforts in unlocking the historic avenues for growth, employment and long-term economic empowerment,' he added.

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India and the United States announced a framework for an Interim Agreement on reciprocal, mutually beneficial trade, a step toward advancing the broader US-India Bilateral Trade Agreement (BTA) negotiations launched by Prime Minister Narendra Modi and President Donald Trump in February 2025, according to a joint statement released by the White House and the Commerce Ministry.

As per the agreement, 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.

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 S 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.

As per the deal, 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. (ANI)