Top News

New Delhi: On Sunday, Piyush Goyal, the Minister of Commerce and Industry, emphasized that the trade agreement with the United States includes robust measures to safeguard the interests of Indian farmers and local industries against any potential surge in imports.

Goyal highlighted that this trade deal is expected to benefit Indian farmers, who are currently exporting agricultural and fish products worth approximately USD 50-55 billion.

He pointed out that Indian products will enjoy a competitive edge in the US market due to a tariff of 18%, while competitors like China face tariffs as high as 35%, and other nations encounter rates exceeding 19%.

In an interview, he referred to the India-US joint statement as a comprehensive two-page document.

Drawing parallels with the free trade agreement with the European Union, Goyal mentioned that he presented extensive documentation to the Cabinet regarding the India-EU trade negotiations.

He acknowledged that many aspects are still under discussion, noting that both countries have mutual interests in preventing market flooding. This is a standard aspect of any negotiation process.

Goyal reassured that safeguards are in place, and any claims suggesting otherwise are misleading. He stated that both India and the US have sensitivities regarding specific products and have implemented protective measures.

He confirmed that India has not offered any duty concessions on dairy products, genetically modified items, meat, poultry, soya meal, and corn.

However, he noted that India imports certain pulses and lentils, for which some market access has been granted.

Goyal emphasized the importance of reciprocity, stating that to open the US market for Indian farmers, some concessions must be made.

He reiterated that India is cautiously opening its sectors, ensuring that each decision is well-considered and supports the growth of the Indian economy, ultimately benefiting farmers who wish to export processed goods globally.

Regarding dry fruits, he mentioned that India imports around three and a half billion dollars worth of tree nuts, with one billion dollars already sourced from the US.

He expressed no objections to imports from the US, as they benefit consumers. He highlighted that the primary stakeholders are the 1.4 billion Indian consumers, and if they can access cheaper products, it is advantageous.