Union Commerce Minister Piyush Goyal on Wednesday told Parliament that interests of sensitive sectors such as agriculture and dairy will be protected under the trade deal between India and the United States.
The US has also protected sectors that it considers sensitive, he added.
Goyal said that the negotiators had succeeded in finalising several aspects of the bilateral trade agreement after several rounds of talks in about a year.
He reiterated that US’ tariffs on Indian goods will be reduced to 18%, down from a combined tariff rate of 50%. This had included a punitive levy of 25% imposed in August for buying Russian oil.
The tariff rate applicable on Indian goods now was lower than those on several competitor nations, Goyal told the Lok Sabha.
The commerce minister added that the deal will help promote the Union government’s initiatives such as Viksit Bharat, Make in India, Innovate in India and Design in India, and will make the country self-reliant.
He also said that the deal will open opportunities for skilled Indians and micro, small and medium enterprises in the US market.
He reiterated that New Delhi and Washington are completing the technical processes of the deal and the same will be announced soon.
President Donald Trump on Monday night said that India and the US had agreed to...
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