Commerce Minister Piyush Goyal Assures India-US Trade Deal Framework Safeguards Domestic Interests
Commerce and Industry Minister Piyush Goyal, in a press conference held on Saturday, provided unequivocal assurances that the newly established India-US trade deal framework will not cause any harm to Indian farmers, micro, small, and medium enterprises (MSMEs), artisans, or craftsmen. He emphasized that their interests remain fully protected under the agreement.
Absolute Certainty on No Loss for Key Sectors
"I can say with absolute certainty that the farmers, MSMEs, artisans, and craftsmen of India will not suffer any kind of loss," Goyal stated firmly. He elaborated that the agreement is designed to benefit Indian agricultural producers by opening up the lucrative US market to their goods. "Agricultural products from Indian farmers will be exported to the United States at zero duty. At the same time, no tariff concessions have been granted for agricultural products from US farmers entering the Indian market," he clarified, ensuring a protective shield for domestic agriculture.
Enhanced Export Conditions and Market Access
The minister highlighted significant improvements in conditions for Indian exporters. "The 50% reciprocal tariff has been reduced to 18%, which is less compared to our neighbouring countries, and will provide a lot of help to our exporters. The deal brings new hopes and opportunities in India's growth story," Goyal explained. He stressed that Indian producers would gain substantially greater access to the US market, categorically stating, "I can state categorically and without any hesitation that India's farmers, MSMEs, artisans, and craftsmen will not suffer any loss. On the contrary, India will benefit from greater access to the US market."
Boost to Employment and Labour-Intensive Sectors
Goyal underscored that the trade agreement would significantly boost employment and support labour-intensive sectors critical to the Indian economy. "It is a big thrust to MSMEs employing a large number of women and youth. With exports from labour intensive sectors like textiles & apparel, leather & footwear, toys, and gems & jewellery to the US set to scale, lakhs of jobs will be created while boosting domestic manufacturing," he added, projecting a positive impact on job creation and industrial growth.
Zero Tariffs on Key Export Sectors and Agricultural Products
Further detailing the benefits, the commerce minister announced that tariffs would be reduced to zero on several key Indian export sectors. "Additionally, tariffs will go down to zero on a wide range of goods, including generic pharmaceuticals, gems & diamonds, and aircraft parts, thereby further enhancing India's export competitiveness and Make in India," Goyal said. He also noted that several agricultural and food products would enjoy similar advantages. "These also include spices, tea, coffee, coconut oil, cashew nuts, and several fruits and vegetables such as avocado, banana, mango, pineapple, and mushrooms, along with select bakery products," he listed, indicating a broad-based benefit for the agro-processing industry.
In summary, Minister Piyush Goyal's assurances aim to alleviate concerns and highlight the trade deal's role in fostering economic growth, protecting vulnerable sectors, and positioning India favorably in global trade dynamics.
