India's Agriculture and Dairy Interests Fully Protected in US Trade Deal, Says Piyush Goyal
Commerce and Industry Minister Piyush Goyal has assured that the interests of India's sensitive sectors, particularly agriculture and dairy, have been fully protected in the recently negotiated India-US trade deal. Speaking to the media on Tuesday evening, Goyal emphasized that this protection was a top priority throughout the negotiations and represents a more favorable outcome than what some of India's competitors have secured from Washington.
Deal in Final Stages, Joint Statement Expected Soon
Goyal revealed that the trade agreement is currently in its final stages of detailing between the negotiating teams of both nations. He indicated that the technical specifics of the deal will be made public through an India-US joint statement, which is likely to be issued in the near future. In the absence of these detailed documents, the minister sought to reassure stakeholders about the safeguards in place for critical domestic industries.
"The interests of the agriculture and dairy sectors have been fully safeguarded in the deal," Goyal stated, adding that Prime Minister Narendra Modi has consistently ensured these sectors are not compromised. He credited the personal friendship and close ties between Prime Minister Modi and former US President Donald Trump as playing a pivotal role in reaching this agreement.
US Perspective and Market Access
This announcement follows US President Donald Trump's move on Monday to slash tariffs on India from 50% to 18% under the new trade framework. In response, American Agriculture Secretary Brooke Rollins commented that the deal will enhance access for American farm products to what she described as "India's massive market."
This development comes amidst concerns from Indian farmers about a potential surge in imports of US agricultural goods, given that Washington is recognized as one of the world's largest agricultural subsidizers. In a Truth Social post announcing the deal, Trump had mentioned that India would work towards reducing tariff and non-tariff barriers against the US to zero.
Broader Economic Benefits and Sectoral Impact
Labeling the agreement a historic achievement, Minister Goyal outlined its potential to bolster the Indian economy and support a diverse range of sectors. Key beneficiaries are expected to include labor-intensive and export-oriented industries such as:
- Textiles and apparel
- Seafood
- Engineering goods and machine parts
- Gems and jewellery
- Leather and footwear
- Technology and chemicals
Many of these sectors had been adversely affected by the 50% tariffs imposed by the Trump administration on most Indian goods. Goyal highlighted that the deal will particularly benefit the workforce in various sectors, with a special focus on small and medium enterprises (SMEs).
Strategic Integration and Technological Advancements
Beyond immediate trade benefits, Goyal stressed that the agreement is about strategically integrating India into global value chains (GVCs) and attracting substantial investments worth lakhs of crores into the country. He projected that this deal will facilitate India's access to world-class technology in several cutting-edge fields:
- Artificial Intelligence (AI)
- Semiconductors
- Critical minerals
Additionally, it is expected to pave the way for the establishment of high-performance data centers and Global Capability Centers (GCCs) within India, further enhancing the nation's technological infrastructure and global competitiveness.
Political Context and Opposition Criticism
Goyal expressed his desire to discuss the deal in Parliament but blamed the Congress and other opposition parties for creating disruptions that prevented such a discussion. He specifically criticized Congress leader Rahul Gandhi and alleged that the opposition's behavior was "unbecoming" and reflected a "negative mindset" towards the agreement.
"Ordinarily, we wanted to speak about this in Parliament, but we all saw that vile scene," Goyal remarked, referring to incidents where opposition members, including those from the DMK, Trinamool Congress, and Samajwadi Party, reached the Speaker's seat. He accused the opposition of attempting to mislead the public and hinder national progress despite the clear advantages of the trade deal.
As the details of the India-US trade deal await formal release through a joint statement, Minister Goyal's assurances aim to alleviate concerns while highlighting the broad economic and strategic benefits anticipated from this significant bilateral agreement.
