Sensitive sectors safeguarded in US trade deal: Piyush Goyal in Lok Sabha

Parliament Budget session: Piyush Goyal said that India protected sensitive sectors like agriculture and dairy in India-US trade deal, adding that labour-intensive sectors will benefit

Union Commerce and Industry Minister Piyush Goyal on Wednesday told the Lok Sabha that India and the United States (US) held detailed negotiations for over a year before finalising their bilateral trade agreement. He said that India ensured that its key and sensitive sectors were protected during the talks.

 

Amid protests by Opposition members in the House, Goyal said that trade discussions were held at multiple levels, with both countries pushing to secure their core interests. "...During the discussions, the Indian side was successful in safeguarding the interests of its sensitive sectors, especially agriculture and dairy... With a year of discussions, the two sides succeeded in giving the final form to various sectors of the bilateral trade agreement," he said. 

  "I would like to emphasise on the fact that this tariff is lower than the US tariff on several competitor nations," he added.

 

On Monday, India and the US announced the long-awaited trade deal. Under the agreement, tariffs on Indian imports have been reduced from 25 per cent to 18 per cent. The deal comes five months after the US imposed 50 per cent tariffs on Indian exports. This included a 25 per cent punitive duty linked to India’s purchase of Russian crude oil. 

'India, US seen as supplementary trade partners'

 

Goyal said that India and the US are supplementary economies and have strong potential to expand trade in the coming years.   "As India is advancing on the path of Viksit Bharat, it will be important to enhance our capability in energy, aviation, data centres, nuclear energy and several other areas. America is a leading nation in these sectors. So, it is natural for us to focus on the trade opportunities in these sectors...," he said.

 

The minister further said that labour-intensive sectors in India are expected to benefit from improved access to the US market.

 

"I would like to reiterate to this House that in the sector of fertiliser and agriculture, India's sensitivity has been taken care of. This agreement will provide new opportunities to small and medium businessmen, MSMEs, industrialists, skilled workers and industries," he said.

 

The trade deal will make it easier for India to access advanced technologies and help achieve the goals of 'Make in India for the World', 'Design in India for the World' and 'Innovate in India for the World', the minister said. 

     

 

Manish Tewari seeks discussion in Lok Sabha

 

During the ongoing Budget Session of Parliament, Congress MP Manish Tewari moved an adjournment motion in the Lok Sabha, demanding a detailed discussion on the India-US trade deal. He raised concerns over its economic, energy and foreign policy implications, calling it an issue of serious public importance.

 

In his notice, Tewari referred to a statement by the US President Donald Trump claiming that Prime Minister Narendra Modi had agreed to stop buying Russian oil and sharply increase oil imports from the United States and Venezuela.

 

Lok Sabha row: 8 Opposition MPs suspended

 

On Tuesday, eight Opposition MPs were suspended from the Lok Sabha for the remainder of the Budget Session for violating House rules and allegedly throwing papers at the Chair.

 

The suspended members are Hibi Eden, Amarinder Singh Raja Warring, Manickam Tagore, Gurjeet Singh Aujla, Kiran Kumar Reddy, Prashant Padole, S Venkataraman and Dean Kuriakose.

 

(With agency inputs)