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Agri, dairy sectors protected as India concluded trade deal with US: Piyush Goyal
Commerce minister Piyush Goyal said deal will help promote initiatives such as ‘Make in India’ and ‘Design in India’, and will make the country self-reliant
Commerce minister Piyush Goyal on Wednesday said that India was successful in protecting the agricultural and dairy sectors, as it concluded a trade deal with the United States (US).
The two sides on Tuesday announced the conclusion of the deal under which Indian goods face a reduced US tariff of 18%.
Speaking in the Lok Sabha, Goyal cited the reduction of tariffs to 18% from 50% and added that India now has among the lowest tariffs compared to its competitor nations. He said deal will help promote initiatives such as ‘Make in India’ and ‘Design in India’, and will make the country self-reliant.
Goyal said that labour-intensive sectors will get a major boost in exports after the reduction in the tariffs. He added the deal will open huge opportunities for skilled Indians and Micro, Small, and Medium Enterprises.
Goyal said that the two sides were working to complete the technical processes. “Ensuring energy security for Indians are top priority of the government,” Goyal said. He added India needs goods from sectors like aviation and nuclear, and the US is a major player in these segments. “The deal is in the national interest of India.”
The two sides concluded the deal after nearly 12 months of negotiations. The talks coincided with the nosediving of bilateral relations, with India being slapped with some of the highest tariffs in the world.
(With inputs from PTI)
