Indian industry bodies have lauded the new India-US trade agreement as a major boost for exports and global competitiveness. The deal offers tariff relief, benefiting sectors like aqua, textiles, and pharma, which were impacted by previous high tariffs.
State-level industry bodies across India have welcomed the India-US trade deal, calling it a significant boost for exports and saying it will make our industries far more globally competitive.
Andhra Pradesh Chamber Hails 'Wonderful' Agreement
Potluri Bhaskar Rao, President of the Andhra Pradesh Chamber of Commerce, described the agreement as "wonderful news for the Indian economy," highlighting the United States' status as one of India's top three trade partners, alongside China and the UAE. He noted that India already has trade agreements with the UAE and the European Union, and the latest pact with the US further strengthens the country's global trade position.
"Nearly USD 130 billion in bilateral trade takes place between India and the USA. Due to 50% tariffs, India was at a disadvantage for the last 8-9 months, severely impacting several sectors," Rao said. He pointed out that Andhra Pradesh, a major exporter of aqua products, was particularly affected. "Shrimp exports worth nearly Rs 20,000 crore originate from Andhra Pradesh, with about 80% going to the US market. The high tariffs had a huge impact."
According to Rao, other sectors, such as rice, agro commodities, textiles, electronics, mobile manufacturing, pharmaceuticals, and biotechnology, also faced challenges. "The new agreement provides substantial relief, especially as India has now been given a preferred tariff treatment of 18%, compared to 20% for countries like Pakistan, Bangladesh and Vietnam, and 34% for China," he said.
Coimbatore Industry Sees Major Opportunities
Echoing similar sentiments, Rajesh B. Lund, President of the Chamber of Commerce, Coimbatore, said the industry has "warmly welcomed" the US tariff reductions announced under the new trade initiative. "This is a landmark achievement, and we wholeheartedly appreciate the leadership of Prime Minister Narendra Modi, whose efforts have opened major opportunities for Indian industry," Lund said.
He emphasised that Coimbatore's strong base in engineering, textiles and manufacturing is expected to gain greater access to the US market. "The agreement will make our industries far more globally competitive and give a significant boost to the regional economy," he added.
Industry bodies believe the agreement will enhance India's export competitiveness, revive affected sectors, and strengthen economic ties between India and the United States. (ANI)
(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)