India-US Trade Deal: Piyush Goyal Assures Protection for Agriculture and Dairy Sectors

Key Highlights from Piyush Goyal's Lok Sabha Address

New Delhi: During a session in the Lok Sabha, Commerce and Industry Minister Piyush Goyal announced that sensitive sectors, particularly agriculture and dairy, will remain fully safeguarded in the upcoming trade agreement between India and the United States.

Goyal revealed that the tariffs imposed by the US on Indian products will decrease to 18%, a significant drop from the previous rate of 50%.

He emphasized that this tariff rate is among the lowest when compared to other competing nations.

The minister stated, "India has effectively shielded its agricultural and dairy industries," and noted that the agreement would bolster initiatives such as 'Make in India' and 'Design in India', contributing to India's self-reliance.

Furthermore, he mentioned that the reduction in tariffs would significantly enhance export opportunities for labor-intensive sectors.

Goyal also highlighted that the trade deal would create vast prospects for skilled Indian workers and Micro, Small, and Medium Enterprises (MSMEs).

He confirmed that both nations are diligently working on finalizing the technical aspects of the agreement, which will be announced shortly.

The minister reiterated that ensuring energy security for the Indian populace is a top priority for the government, noting the necessity for goods from sectors like aviation and nuclear, where the US plays a crucial role.

He concluded by stating that this trade deal aligns with India's national interests.