Commerce and Industry Minister Piyush Goyal delivered a strong message on India's trade negotiation strategy, emphasizing that the nation will staunchly protect its farmers, dairy sector, and workers in all international trade deals. The minister made these remarks while addressing the Udyog Samagam 2025 conference in New Delhi.
No Compromise on Key Sectors in US Trade Talks
Piyush Goyal explicitly stated that India is working towards a good trade agreement with the United States, but not at the cost of its domestic priorities. He affirmed that the government is committed to securing a fair, equitable, and balanced deal. The minister noted that while an agreement could be reached at any time, the government is thoroughly prepared for all scenarios.
An official privy to the negotiations revealed that five rounds of talks have already been completed for what is being described as a comprehensive and WTO-compliant trade deal. The official indicated that another round of negotiations may not be immediately necessary, as India is now waiting for a response from the US side. Throughout the process, India is carefully safeguarding its sensitive economic sectors.
Exploring New Markets and Progress on Other Fronts
In a significant development for the fisheries industry, Minister Goyal announced that India is actively seeking new markets to counter challenges posed by steep tariffs in the US. Russia has been identified as a potential new market for Indian fishery exports, offering a strategic diversification for the sector.
Beyond the US negotiations, significant progress is being made on other trade fronts. An official confirmed that talks for the India-New Zealand Free Trade Pact are nearly complete. To provide a final impetus to the discussions, New Zealand's Trade Minister, Todd McClay, is scheduled to visit India this Friday.
Furthermore, negotiations with the European Union are also advancing positively. The EU Trade Commissioner, Maros Sefcovic, is expected to travel to India in the second week of December to continue the trade talks, signaling a busy and productive period for India's trade diplomacy.
