Union Commerce Minister Piyush Goyal on Saturday said the Ministry of External Affairs will give information about India's purchase of Russian oil.
When asked whether India will stop purchasing Russian oil, as mentioned in a White House statement announcing the elimination of the additional tariffs imposed on India for the purchase, Piyush Goyal said, "MEA will give information about it."
After announcing the interim framework between the United States and India trade agreement, the White House had said, "India has committed to stop directly or indirectly importing Russian Federation oil, has represented that it will purchase United States energy products from the United States, and has recently committed to a framework with the United States to expand defense cooperation over the next 10 years."
Meanwhile, Piyush Goyal has assured complete protection of farmers in the framework for the agreement.
He also added that the deal would bring huge benefits to farmers and Indian MSMEs
He said, "Agricultural products from Indian farmers will be exported to the United States at zero duty. At the same time, no tariff concessions have been granted for agricultural products from US farmers entering the Indian market."
One opening up of Distiller's Dried Grains market, he said, "We have opened our markets for the US on some products like Distiller's Dried Grains with Solubles (DDGS), wines & spirits in which we have kept a minimum import price also."
Goyal also informed that Agricultural products from Indian farmers will be exported to the United States at zero duty.
Minister Goyal said, "Agricultural products from Indian farmers will be exported to the United States at zero duty. At the same time, no tariff concessions have been granted for agricultural products from US farmers entering the Indian market. The agreement also makes it clear that genetically modified (GM) food will not be allowed into India."
"I can state categorically and without any hesitation that India's farmers, MSMEs, artisans, and craftsmen will not suffer any loss. On the contrary, India will benefit from greater access to the US market," the minister said.
The US and India announced in a joint statement that they have reached a framework for an Interim Agreement on reciprocal, mutually beneficial trade (the Interim Agreement) and have agreed on its terms.
According to the joint statement by the Ministry of Commerce and White House, the United States will apply a reciprocal tariff rate of 18 per cent on goods originating in India, including textiles and apparel, leather and footwear, plastic and rubber, organic chemicals, home decor, artisanal products, and certain machinery.
Subject to the successful conclusion of the Interim Agreement, the US will remove the reciprocal tariff on a wide range of goods identified in the Potential Tariff Adjustments for Aligned Partners Annex to Executive Order 14346 of September 5, 2025 (Modifying the Scope of Reciprocal Tariffs and Establishing Procedures for Implementing Trade and Security Agreements), as amended, including generic pharmaceuticals, gems and diamonds, and aircraft parts.
Earlier on February 5, as the two nations announced the deal, Kirit Bhansali, Chairman of the Gems and Jewellery Export Promotion Council (GJEPC), stated that the agreement will provide much-needed relief to a sector that has struggled with high tariffs over the last year. He noted that the US remains the most critical market for Indian exports, and the deal is expected to reverse a sharp decline in trade volumes.
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