Gems, pharma, smartphones to benefit under new India–US trade arrangement
February 7, 2026: India has gained a major advantage in its trade ties with the United States, with several high-value exports set to receive zero-duty access under a new trade arrangement, Union Commerce and Industry Minister Piyush Goyal announced. Calling it a big boost for Indian exporters, Goyal said tariffs have been removed on a wide range of products that form the core of India’s export basket to the US, strengthening the country’s global trade position.
According to the minister, gems and diamonds exported from India will now attract no duty, while pharmaceutical products—exported in large volumes—will also enjoy zero tariffs. Smartphones, another major export segment, will continue to have zero-duty access. Goyal added that several agricultural products will also be covered under a zero reciprocal tariff system, ensuring that no additional duty is imposed on these exports in the future.
The move is expected to bring significant relief to key export-driven sectors such as gems and jewellery, pharmaceuticals, and electronics manufacturing. Together, these industries contribute billions of dollars annually to India’s exports to the US and are major sources of employment and foreign exchange earnings, making the agreement a strategic win for India’s economy.