India-U.S. Trade Deal Safeguards Farmers and Sensitive Sectors, Says Piyush Goyal
Piyush Goyal assures that Indias trade deal with the U.S. protects farmers and sensitive sectors, emphasizing competitive advantages.
New Delhi, October 29 (Daily Kiran) : Central Commerce and Industry Minister Piyush Goyal announced on Thursday that when details of the India-U.S. trade deal are released, it will be clear that the government has not compromised on farmers and other sensitive sectors. He emphasized that India will maintain a strong comparative advantage.
Goyal explained that trade is not just about raw numbers; it also involves comparative advantages and competitiveness. He noted that many developed countries have structured their tariff frameworks to impose high duties on labor-intensive goods, using these tariffs as negotiating tools.
His remarks were made during the fourth national conference on India’s industrial transformation, organized by the Institute for Studies in Industrial Development (ISID) and the Industrial Development Research Association (IDRA).
Discussing India’s trade policy, Goyal stated that the country’s trade agreements extend beyond merely reducing tariffs or establishing rules of origin for goods. “These are comprehensive partnerships that take into account India’s competitive capabilities, identify export opportunities, and protect sensitive sectors,” he said. He also mentioned the importance of facilitating access to high-tech products, including graphics processing units (GPUs), memory technology, and medical technology, essential for India’s development.
The minister highlighted that India’s trade negotiations also encompass services, investment, education, skill development, technical partnerships, and cooperation towards climate goals, including nationally determined contributions (NDCs).
These extensive agreements are laying the groundwork for connecting India to the global economy. He assured that thorough consultations with relevant parties are conducted before finalizing any agreements to safeguard India’s sensitivities and interests.
Goyal pointed out that India’s trade agreements involve 38 developed and relatively affluent countries, creating complementary trade opportunities for both sides. India exports products that are in demand and imports those necessary for its growth.
The government has opened special opportunities for India through nine free trade and bilateral trade agreements, targeting markets with a combined GDP of $60 trillion. In contrast, agreements made before 2014 covered markets with only $10 trillion in GDP.
He noted that previous agreements were primarily with countries that were competitors, while the current approach aims to build economic relationships that are complementary.
Goyal stressed that the foundation of India’s industrial transformation should be quality, mass production, access to global markets, and inclusivity. He called for close collaboration among the government, industry, and educational sectors to foster innovation.
He urged India to aim for recognition as a global manufacturing powerhouse and achieve the ‘Developed India 2047’ goal through coordinated efforts among the government, industry, academia, and research institutions.
