Union Commerce and Industry Minister Piyush Goyal has expressed confidence that the proposed India-US trade agreement will safeguard the interests of Indian farmers and other domestic stakeholders while providing India with a strong competitive advantage in the American market.
Speaking at the ISID-IDRA Fourth National Conference on Thursday, Goyal said the agreement had been negotiated without compromising any sensitive interests of Indian farmers or other stakeholders. He expressed confidence that the public would welcome the deal once its details were made public.
“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 policy against criticism from opposition parties, the minister maintained that India’s existing free trade agreements (FTAs) had not adversely affected domestic industry. He said he had yet to come across any substantive shortcomings in the eight FTAs concluded by India so far.
India and the United States announced on February 7 their intention to pursue a bilateral trade agreement (BTA), with negotiations focusing on improving market access for Indian exporters and strengthening their competitiveness against rival suppliers in the US market.
However, the negotiations have been influenced by changes in the US tariff landscape following a US Supreme Court ruling invalidating the Trump administration’s reciprocal tariffs. India has also raised concerns with Washington over the possibility of sanctions linked to its purchases of Russian oil and an additional 10% Section 301 tariff on Indian exports.
India is seeking favourable trade terms that would enhance its export competitiveness against countries such as Bangladesh, Vietnam, Indonesia and Cambodia in the US market.
Reiterating his confidence in India’s broader trade strategy, Goyal said the eight FTAs already concluded had been designed to protect domestic interests while creating new opportunities for Indian businesses.
“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,” he said.
The proposed India-US agreement is expected to be an important step in strengthening bilateral trade ties and expanding opportunities for Indian exporters, while balancing market access with the protection of sensitive domestic sectors.