NEW DELHI: Commerce and Industry Minister Piyush Goyal on Sunday said adequate safeguards are in place in the trade agreement with the US to protect the interests of farmers and the domestic industry from any significant increase in imports.
The trade deal with the US will "ultimately help our farmers", who are already exporting USD 50-55 billion worth of agricultural and fish products, he said.
The minister added that Indian goods will have a competitive advantage in the American market due to the 18 per cent tariff, as competitor nations such as China face tariffs as high as 35 per cent, while other countries are subject to levies of over 19 per cent.
"This is a two-page document (the India-US joint statement)," he told PTI Videos in an interview.
Citing the example of the free trade agreement with the European Union, Goyal said he went to the Cabinet with a large set of documents related to the India-EU trade deal.
"So, it's a lot of things, which are yet to be brought in. And it cuts both ways. I'm sure the United States would equally want to safeguard, if we flood their market. It's something which is a normal outcome of any negotiation.
"So, it's work in progress. Safeguards are always there. So, it's something which, if anybody is trying to highlight that it's not in this two-page joint statement, is trying to mislead the people, and there's still a lot of clarity required," he said.
He added that both India and the US have sensitivities about a certain set of products, and both have safeguards for those.
"We've safeguarded all of them," he said, adding that India has not granted any duty concessions in dairy products.
GM (genetically modified) products, meat, poultry, soya meal and corn.
But, there are some pulses and lentils, which India imports, and "we have given them some access, market access," he said.
"Ultimately, it has to be a give and take. So, if I don't give anything, how will I open the market for my farmers in the US?" he said.
India has opened its sectors in a very calibrated manner, the minister said.
"Every one of them is very balanced, very well thought of and will support the India growth story and finally support Indian farmers, who also want to export their products, particularly processed products, to the rest of the world. So, it's a calibrated opening," he said.
On dry fruits, he said, India is importing about three and a half billion dollars of dry tree nuts, and of that, already a billion dollars comes from the US.
"I have no problem if it comes from the US. It helps the consumers. By the way, amongst all stakeholders, the largest stakeholder is the customer, 1.4 billion Indians," he said, adding that "if they (consumers) get something cheaper, why not?".