Farmers’ interests protected in US trade deal: Goyal
He says India is trying to strike deals with countries with whom India has a complementary advantage.
New Delhi Commerce and Industry Minister Piyush Goyal on Thursday said India’s sensitive interests, particularly those of farmers and other stakeholders, had not been compromised in negotiations for a trade agreement with the US. He expressed confidence that once the details of the discussions were made public, people would recognise India’s strong comparative advantage. Speaking at the Fourth National Conference on India’s Industrial Transformation, organised by the Institute for Studies in Industrial Development (ISID) and the Industrial Development Research Association (IDRA), Goyal said trade should be assessed through comparative advantage and competitiveness rather than absolute figures alone. He noted that several developed countries had designed their tariff structures to impose high duties on labour-intensive products, using tariffs as negotiating instruments during trade discussions. Goyal said India’s trade agreements went beyond tariff reductions, rules of origin and market access. They were comprehensive partnerships designed to strengthen export opportunities, protect sensitive sectors and facilitate access to advanced technologies and essential goods. These agreements covered areas including services, investments, education, skill development, technology partnerships and cooperation on climate objectives. Extensive consultations with stakeholders before agreements were finalised helped safeguard India’s defensive interests while supporting economic integration. The minister said nine free trade and bilateral trade agreements concluded by the government had opened preferential market opportunities in economies with a combined gross domestic product of $60 trillion. Agreements concluded before 2014 covered economies with an aggregate GDP of $10 trillion.
