In the backdrop of United States slashing tariffs on India to 18%, Union Commerce and Industry Minister, Piyush Goyal, noted that India now has access to 70% of the global GDP in most cases at zero-duty for Indian-origin products .

"Huge markets have been opened up with all the trade deals we've done. We now cover, as a nation, 70% of the global GDP, with market access in most cases at zero duty for your products. Most cases," Goyal said.

Further, he noted that "most of the developed world today has a free trade agreement with us."

"All of Europe, the 27-nation EU bloc, four-nation EFTA bloc, UK, we have Australia and New Zealand, the United States of America. Collectively, the world is your market, world is your stage now," he said. ''

Addressing doubts sparked among India's textile players, especially after Bangladesh is set to face zero reciprocal tariff on select textiles, and apparel products, Goyal noted that the South Asian nation's exporters will also receive the same benefits.

Sharing additional details on the zero US reciprocal tariffs on Bangladesh-origin textile goods, Goyal mentioned that this happens when exporters purchase raw material from the United States, and India also has the same facility, which will be visible in the fine print of India-US interim agreement.

As part of the India-US framework for an interim agreement, Indian goods such as gems and diamonds, generic pharmaceuticals, and aircraft parts will be exempt from reciprocal US tariffs.

On the other hand, India will also "receive a preferential tariff rate quota for automotive parts subject to the tariff imposed to eliminate threats to national security found in Proclamation 9888 of May 17, 2019."

Further, both nations have also agreed upon establishing rules of origin that ensure that the benefits of the agreement accrue predominately to the United States and India.

However, the biggest accolade ahead of the India-US BTA was securing the interests of farmers by reducing tariffs to zero on spices, tea, coffee and its by products, coconut, coconut oil, cashew nuts, chest nuts, fruits, and vegetables among others.

The US tariffs have also been reduced to zero on agricultural products such as avocados, guava, mango, chivvy, pineapple, mushroom, vegetable roots, cereals like barley, bakery goods, sesame seeds, processed fruits, and guava paste.