Union Commerce and Industry Minister Piyush Goyal on Thursday said the proposed India-US trade deal had been negotiated to safeguard the interests of Indian farmers and other stakeholders while giving India a “very strong comparative advantage”.
Addressing the ISID-IDRA Fourth National Conference, Goyal said the agreement would not compromise the interests of farmers and expressed confidence that it would be welcomed by the public.
“US free trade deal, once details are out, the people of India will celebrate that not a single sensitive interest of our farmers or any stakeholder has been compromised. On the contrary, India will stand at a very strong comparative advantage,” Goyal said.
Defending the government’s trade agreements against opposition criticism, Goyal said he had not come across any flaws in the eight free trade agreements (FTAs) concluded by India so far that could adversely affect domestic industry.
“I don't know what they criticise, but I have the courage of conviction to announce that once details of the US trade deal are out, the people of India will celebrate that not a single sensitive interest of our farmers or any stakeholder has been compromised,” he said.
India and the US announced on February 7 that they would pursue a bilateral trade agreement (BTA). Negotiations have focused on securing better market access for Indian exporters and a competitive advantage over rival suppliers to the US.
However, a subsequent US Supreme Court ruling invalidating the Trump administration’s reciprocal tariffs reshaped the US tariff landscape. India has also separately raised concerns with Washington over the threat of sanctions linked to its purchases of Russian oil and an additional 10% Section 301 tariff on Indian exports.
India is seeking a deal that would improve its export competitiveness against countries such as Bangladesh, Vietnam, Indonesia and Cambodia in the US market.
Defending the other trade agreements concluded by India, Goyal said, “I have yet to come across anybody who could find a single flaw in any of the eight FTAs which are concluded, and details are out in the market.”
