India-US trade deal safeguards sensitive interests of farmers, other stakeholders: Piyush Goyal
Commerce and Industry Minister Piyush Goyal said on Thursday that when the details of the India-US trade deal negotiations are released, the people of India will recognise that the sensitive interests of farmers and other stakeholders have not been compromised and that India will be placed at a strong comparative advantage.
Goyal explained that trade was fundamentally about comparative advantage and competitiveness, rather than absolute numbers alone.
He observed that many developed countries had structured their tariff schedules to impose high duties on labour-intensive goods, using them as negotiating instruments.
Goyal made the comments while addressing 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).
On India’s trade policy, Goyal said that the country’s trade agreements were not limited to reducing tariffs, framing rules of origin or securing market access.
“They were comprehensive partnerships that considered India’s competitive strengths, identified opportunities for exports, protected sensitive sectors and facilitated access to high-technology products, graphics processing units (GPUs), memory technology, medical technology and other goods required for India’s development,” according to an official statement.
He said that India’s trade negotiations also encompassed services, investments, education, skill development, technology partnerships and cooperation towards climate goals and countries’ intended nationally determined contributions.
These comprehensive agreements were laying the foundation for India’s integration with the global economy while protecting its sensitivities and defensive interests through extensive stakeholder consultations before an agreement was concluded.
He said that India’s trade agreements covered 38 developed and relatively prosperous countries, creating complementary trade opportunities for both sides, with India exporting products they needed and importing products required for its development.
Nine free trade and bilateral trade agreements concluded by the Government had opened up preferential market opportunities in economies with an aggregate GDP of $60 trillion, compared with $10 trillion covered by agreements concluded before 2014.
He said that the earlier agreements were largely with countries competing with India, whereas the current approach sought to foster complementary economic relationships.
India's industrial transformation must be driven by quality, economies of scale, global market access and inclusivity, Union Commerce and Industry Minister Piyush Goyal said, urging closer collaboration between government, industry and academia to spur innovation, according to the statement.
India should aspire to become a globally recognised manufacturing nation and achieve the goal of 'Viksit Bharat 2047' through coordinated efforts across government, industry, academia and research institutions, he noted.
