India-US Trade Pact: A Boost for Farmers Amid Safe Guards
Commerce and Industry Minister Piyush Goyal assures that the India-US trade agreement protects domestic interests while boosting exports. India stands to gain competitive advantage due to lower tariffs compared to nations like China. Safeguards are set to balance both trade gains and domestic sensitivities.
- Country:
- India
Piyush Goyal, the Commerce and Industry Minister, has asserted that the trade agreement with the United States includes sufficient safeguards to protect India's farmers and domestic industries from significant import surges. The deal is poised to benefit Indian agriculture, which already exports between USD 50-55 billion annually.
Goyal highlighted that Indian goods would enjoy competitive advantages in the U.S. market due to tariffs significantly lower than those on Chinese products. The minister stressed that ongoing negotiations would refine these agreements while ensuring mutual protection from market inundations.
The Minister emphasized India’s careful approach to opening its markets, citing protective measures for sensitive products like dairy and GM goods. This cautious strategy is intended to bolster Indian growth and offer affordable import options to Indian consumers, ultimately benefiting the 1.4 billion strong population.
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