Credit: ANI
Union Commerce Minister Piyush Goyal on Wednesday (February 4) assured Members of Parliament that India had successfully safeguarded the interests of the agriculture and dairy sectors in the trade deal with the United States.
The India-US trade agreement, reducing the tariffs on Indian goods to 18 per cent, triggered a political row in the country.
The Opposition raised concerns about US President Donald Trump's claims that India may reduce tariffs to zero on certain American goods and purchase $500 billion in US energy, technology, agricultural, coal, and other products.
In response to the rising concern over the agricultural sector, Goyal told the Lok Sabha that the two nations held year-long discussions and ensured security to the sensitive sectors.
"Since Prime Minister Narendra Modi's US visit in February 2025, the two nations have been discussing a balanced and profitable trade deal. In the last year, negotiators from both sides have held talks at several levels. It is obvious that, looking at their respective economies, both nations would like the best result to safeguard the sensitive economic sectors. India has been successful in safeguarding the interests of sensitive sectors, such as agriculture and dairy. The US also had some sensitive sectors. After one year of talks, negotiators from both sides ensured the trade deal."
He added that the deal will be favourable for Indian exporters. Goyal emphasised that the two nations will soon complete the paperwork around the agreement.
"On February 2, Prime Minister and US President Donald Trump discussed several issues over a phone call, after which the US President announced a reduction in tariffs on Indian goods to 18 per cent. I want to emphasise that this is less than US tariffs on several competitor nations, which will help Indian goods in the competition in the American market. This deal provides several benefits to the Indian exporters. I want to repeat that the sensitivity of the agricultural sector has been taken into account. Also, this deal will help the MSMEs and Skill development," he said.
Meanwhile, India and the US are likely to issue a joint statement on the trade agreement this week, according to government sources.
with ANI inputs)