India-US embark on journey to 500 billion dollars trade;Zero duty for gems, pharma, smartphones and agri exports down from 50%
The signing of the interim trade deal within just days of announcement is testament to the seriousness of the ties which both the nations attach to bilateral trade. Not only it brings down tariffs from 50% to zero in most items, but also it will help in investment, technology sharing and service sectors: Dr. Vijay Kalantri, President All India Association of Industries (AIAI) and Chairman, World Trade Center Mumbai.
In picture, Dr. Vijay Kalantri,President, All India Association of Industries (AIAI) and Chairman, World Trade Center Mumbai.
The parties discussed the possibility of organizing meetings with representatives of the Mumbai business community as part of the visit of representatives of Belarusian industrial enterprises to New Delhi scheduled for this year, and also holding joint industry video conferences aimed at developing cooperation between the business circles of both countries.
Mumbai, February 7th 2026: All India Association of Industries (AIAI) and World Trade Centre Mumbai warmly welcomes the announcement of the interim pact on the India– United States Trade Deal, marking a significant milestone in strengthening one of the world’s most consequential strategic and economic partnerships. In a joint statement released by both the countries followed by a press conference by Union Commerce Minister Piyush Goyal, the broader contours of the trade deal were specified along with a tentative deadline of completion of the final BTA by March this year.
Speaking on the interim trade deal, Dr. Vijay Kalantri,President All India Association of Industries and Chairman, World Trade Center Mumbai said, “The announcement of the trade deal was met with calculated responses as the contours of the deal were not revealed. With today’s joint statement, it is amply clear that this trade deal will support India’s longterm endeavour to Viksit Bharat strengthening our position in international trade while cementing our bilateral ties geopolitical and geoeconomically”.
Explaining the rationale behind the optimism Dr. Kalantri said, “The interim trade pact reduces the tariffs from 50% to almost zero for critical exports products like gems and jewellery, pharma, agri products, auto components, smartphones, etc. This gives us a high tariff differential vis-à-vis other players, strengthening our export competitiveness supporting MSMEs and job creation”.
“Further, the impact of the deal is immediate as against other deals which we have signed with EU<UK and New Zealand which will take some time to fructify. Also, provisions regarding transfer of technology not only establishes the US as a key ally but also helps in supporting the domestic startup and innovation ecosystem. Supply of critical ICT products will strengthen India’s growth and national security. Most importantly, the reiteration that India has not compromised with critical sectors addresses the political economy and makes the deal all the more acceptable”, said Dr. Kalantri.
Regards,
Sangeeta Jain
Senior Director
All India Association of Industries (AIAI)