India’s Commerce and Industry Minister, Piyush Goyal, announced that India has received the ‘best’ deal from the US compared to other competitors. Goyal mentioned that India is in a favorable position with the trade agreement, emphasizing the importance of “preferential market access” in the bilateral deal with the United States.
The interim trade deal between India and the US, finalized on February 2, significantly reduced tariffs on Indian goods from 50% to 18%. However, these tariffs were deemed “illegal” by a US court on February 20, leading to a 10% immediate tariff on all trading partners by the Trump administration.
Despite challenges, India and the US are actively engaged in discussions to establish a mutually beneficial bilateral trade agreement. Both countries are focused on enhancing economic cooperation and trade relations across various sectors, including defense and supply chain collaboration.
Commerce Minister Goyal highlighted India’s stance on agriculture at the WTO ‘MC14′ conference, emphasizing the need for a permanent solution on public stockholding and Special Safeguard Mechanism. He reaffirmed the Indian government’s commitment to safeguarding farmers’ interests and ensuring food security, asserting India’s stand for fairness and justice.
During the WTO conference, Goyal emphasized India’s active participation in discussions on WTO reforms while advocating for the interests of Indian citizens, particularly farmers and fisherfolk. He stressed India’s dedication to a fair, transparent, and rules-based multilateral trading system, underscoring the country’s long-standing sustainable fishing practices and its demand for equitable outcomes that benefit fisherfolk.
