India-US trade deal LIVE | Will raise farmer income; PM Modi said we won’t bow: Ministers explain

INdia-US merchandise trade unrecorded: unification mercantilism and Industry Minister Piyush Goyal on Sunday assured safeguards for farmers in the trade deal between India and United States.In an interview with PTI Videos, Goyal said that the US markets would provide farmers with “much bigger value”, adding that their incomes would see an increase. He further said that the deal would “ultimately help our farmers”, who are already exporting USD 55 billion agriculture and fish products.While asserting that a 2-page document cannot capture everything, Goyal told PTI Videos that imports from around the world will grow to USD 2 trillion over the next five years, which would mean a huge demand for US goods.This comes a day after Goyal, in a detailed press conference, explained the key provisions of the India-US interim trade agreement. He confirmed zero tariff reductions and zero-duty items, while also promising benefits for exporters, farmers, and MSMEs. The commerce minister further highlighted the expansion of India's global market access.US-India agree on ‘interim agreement’ frameworkThe US and India have agreed on the framework for an “interim agreement” on reciprocal and mutually beneficial trade, the White House said late on Saturday. The framework will reduce the US tariffs on India to 18 per cent.Union minister Goyal shared the joint statement, while underscoring the expansion of market access that the new framework would entail. He said that interim agreement, reached upon under the leadership of Prime Minister Narendra Modi, would "open a $30 trillion market for Indian exporters.”India–US trade deal framework | Key points• After agreement on the interim framework, US President Donald Trump signed an executive order removing the additional 25 per cent tariffs on India, which were imposed on account of its purchase of Russian oil.• India will eliminate or reduce tariffs on US industrial goods and a wide range of American food and agricultural products. Meanwhile, US will impose reduced reciprocal tariffs of 18% on Indian-origin goods. • India has agreed to addressing long-standing non-tariff barriers affecting US food and agricultural products, one of the points US President Trump mentioned in his first post on the trade deal. Both countries have also agreed on providing each other with preferential market access in sectors of mutual interest on a sustained basis.• After the successful conclusion of the interim framework agreement, US has promised to eliminate tariffs on a wide range of Indian goods, including pharmaceuticals, gems and diamonds, and aircraft parts. However, if either country revises agreed tariff levels in the future, the other side is also permitted to modify its commitments in response.• India has also confirmed its intention to purchase $500 billion worth of US energy products, aircraft and aircraft parts, precious metals, technology products and coking coal over the next five years. In the interview with PTI Videos on Sunday, Goyal said the purchase would be “no problem at all.”