Commerce and Industry Minister Piyush Goyal said on Tuesday that India has ensured that the interests of its sensitive agriculture and dairy sectors are “fully protected” in the trade deal with the United States.

On Monday, US President Donald Trump announced a reduction in tariffs on Indian goods from 25% to 18% and said the two sides had agreed on a trade deal.

Goyal said that a joint communique from both countries detailing the details of the pact would be released soon. He assured that the agreement will provide “enormous opportunities” for Indians and “protect sensitive sectors, the interests of our agriculture and our dairy sectors with full respect”.

Today, US Agriculture Secretary Brooke Rollins suggested that US agricultural products have gained fresh market access in India under the new trade deal. He called the deal a win for American farmers, saying, “The new U.S.-India deal will export more American agricultural products to the massive Indian market, boosting prices and bringing cash to rural America.”

The commerce minister said the trade deal is expected to create new openings for labour-intensive export sectors such as textiles, plastics, garments, home decor, leather and footwear, gems and jewellery, organic chemicals, rubber goods, machinery and aircraft. He added that import duties for most of these segments in the US market would drop to 18% from the current 50%.

Goyal said the trade deal is in the final stages and a joint communiqué detailing the contours of the agreement will be released soon.

The minister said that India is a fast growing economy and demand is continuously increasing for goods such as ICT products, data center equipment, high quality technology and innovation items and raw materials. “And in this situation, this deal also opens up opportunities for India to get the best world-class technologies to further drive India’s growth story,” he told reporters.

He added that India has a “very good” trade deal with the US, better than India’s competitors.

India’s 18% tariff is lower than major Asian rivals such as China, Vietnam (20%), Malaysia (19%), Bangladesh (20%), Cambodia and Thailand (19% each).

The US has agreed to remove India’s 25% punitive tariff on Russian oil purchases, and reciprocal tariffs have been reduced to 18% from 25%, news agency PTI reported, citing sources. “So the final tariffs in India will be 18 percent,” a source said.

The sources also said that India has agreed to offer tariff concessions in general as it has done in other free trade agreements (FTAs). They said duties will be eliminated in some areas on the day the deal comes into effect, phased out in others, reduced in certain sectors and offered through quota-based concessions in some categories.

India has traditionally kept sensitive areas linked to agricultural exploitation out of the reach of trade agreements. These include dairy, rice, wheat, meat, poultry, grains, genetically modified foods, soybean meal and corn.

On Trump’s claim that India had pledged to buy $500 billion worth of US goods, including energy, technology, agricultural goods, coal and other products, sources said the figure was spread over five years and would include purchases of aircraft and parts. “We will import goods worth $50-55 billion, for data centers alone, we will need goods worth $20 billion a year,” the official said.