MUMBAI, Feb 14: Union Commerce Minister Piyush Goyal, on Saturday, dismissed the Opposition’s claims that the India-US interim trade deal hurts domestic interests.
He asserted that the agreement was negotiated from a “position of strength” as a $4 trillion economy and specifically protected the ‘Aatmanirbhar’ (self-reliant) sectors.
He claimed that the deal was structured to balance consumer interests and export-led growth without ceding sovereignty.
Terming the internal agreement “fair and balanced”, Union Minister Goyal at the press conference said that the goal to purchase $500 billion in US goods (energy, aircraft, tech) over five years is an “intent”, not a binding obligation, driven by India’s actual commercial needs. “The US has reduced reciprocal tariffs on Indian exports from 50 per cent to 18 per cent. This puts India at a distinct advantage over competitors like China (35 per cent) and Bangladesh/Vietnam (20 per cent). Several key Indian sectors will now enjoy zero tariffs,” he added.
He also said that “sensitive” agriculture products like rice, wheat, corn, millets, and dairy — have been explicitly kept out of the deal to ensure no negative impact on domestic producers, adding that they remain protected.
“No duty concessions were given to the US for dairy, poultry, meat, wheat, rice, maize, and soy,” the Union Minister added.
“India only allowed selective access for items it needs or doesn’t produce in surplus, such as walnuts, pistachios, and certain wines with a minimum import price,” he said.
Union Minister Goyal projected a “huge and wonderful future” for the Indian cotton industry, saying that the trade deal will expand demand rather than hurt growers.
“India will benefit from a “yarn forward” mechanism (similar to concessions enjoyed by Bangladesh). This allows Indian garments to be exported to the US at zero duty if they use specific yarns.”
Goyal noted that India expects to import nearly $100 billion worth of Boeing aircraft, engines, and spare parts over the next five years. (IANS)
