The central government has presented its clear stand regarding the possible trade deal with the US, stating that India will join any deal only when its national interests are fully protected and it gets an edge in tariffs over its competitors. Union Commerce and Industry Minister Piyush Goyal rejected the July 9 deadline set by US President Donald Trump and said that India never takes decisions on trade agreements under time pressure.
Minister Piyush Goyal clarified that India has never negotiated any trade agreement or any part of it under time constraints or pressure. We have to ensure that the agreement is fair while keeping in mind our national interests, so that we can get a permanent advantage over our competitors.
The government has clarified that it is not under any deadline pressure and the July 9 deadline set by the US will have no effect on India. It is noteworthy that US President Donald Trump had imposed retaliatory tariffs on about 100 countries, including a 26% tariff on India. After this, the US had postponed these tariffs for 90 days, which is now ending on Tuesday.
Strict stance on farmers and dairy sector
The main obstacle in the trade talks is related to agriculture and dairy products. The US demands that India reduce import duty on maize, soybean and dairy products, while the Indian government does not agree to this. Goyal clarified that the interest of farmers is most important for the Modi government. Whether it is agreements with the UK, Australia, Mauritius, EFTA or UAE, every time Indian farmers have been given priority.
India has requested the US to provide exemption in duty on leather, footwear, clothing and some auto parts. In return, India can consider giving some tax concessions on American automobiles and whiskey. Apart from this, India also wants exemptions on sectoral tariffs if the US imposes them in the future.
US demands are vague, but India is clear
Some government officials believe that the US demands are not yet clear, while India's approach is completely clear. India is emphasizing on promoting labor-intensive sectors and protecting the interests of farmers. Goyal also said that India needs trade benefits that are better than countries like China and Vietnam. So far, the US has signed trade agreements with only a few countries, such as the UK, China and Vietnam.
India's position in trade talks with the US
This statement comes at a time when intense negotiations are going on between India and the US to finalize an interim trade agreement. Recently, a team of Indian trade negotiators returned from Washington after an eight-day visit, where they held detailed discussions with their US counterparts. However, some issues in sensitive sectors like agriculture and automobiles are still not resolved. Goyal made it clear that India will not compromise on the interests of its farmers and the dairy sector, and added that the interest of farmers will always remain paramount for the Modi government.
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