Piyush Goyal Reassures Parliament on Safeguards in India-US Trade Deal

India has finalized a landmark trade agreement with the United States, aimed at boosting exports and strengthening bilateral economic ties. Addressing Parliament, Commerce Minister Piyush Goyal highlighted that the pact protects India’s sensitive agriculture and dairy sectors, despite tariff concessions and expanded market access commitments.

Key Highlights:

• Agriculture & Dairy Protection: Goyal confirmed that these critical sectors remain fully safeguarded, addressing concerns raised by farmers and policymakers.
• Tariff Reductions: US tariffs on Indian goods have been cut from 50% to 18%, among the lowest for emerging economies.
• Export Boost: The deal is expected to benefit Indian exporters, MSMEs, and the ‘Make in India’ initiative.
• Global Competitiveness: India’s access to the world’s largest market will strengthen its position in global supply chains.
• Future Announcements: Detailed contours of the agreement will be shared after completion of technical processes and paperwork.

Analysis:
The India-US trade deal balances domestic sensitivities with global ambitions. By protecting agriculture and dairy while securing tariff reductions, India has positioned itself to expand exports without compromising rural livelihoods. This reflects a strategic approach to trade diplomacy, ensuring long-term economic resilience.

Sources: Reuters, The Hindu, The Indian Express, ANI