‘Both sides working to complete technical processes': Piyush Goyal briefs Lok Sabha on India-US trade deal

Goyal told the Lok Sabha that the sensitive sectors of the country, like agriculture and dairy, are completely protected in the India-US trade deal. He also said that the US tariffs for Indian goods will be reduced to 18 per cent. It was 50 per cent earlier.

The tariff on India is among the lowest compared to its competitors, Goyal said in the Lok Sabha. “During the discussions, the Indian side was successful in safegaurding 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.

On Monday, President Trump announced that India and the US agreed to a trade deal under which Washington will reduce the reciprocal tariff on Indian goods to 18 per cent from the current 25%.

"India has been successful in protecting the agricultural and dairy sectors," he said, adding the deal will help promote initiatives like 'Make in India' and 'Design in India', and will make India self-reliant.

He added that labour-intensive sectors will get a major boost in exports after the reduction in the tariffs to 18 per cent. Goyal also said that the deal will open huge opportunities for skilled Indians and Micro, Small and Medium Enterprises (MSMEs).

Goyal informed that both sides are working to complete the technical processes, and soon it will be announced. Ensuring energy security for Indians are top priority of the government, Goyal said, adding 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,” he said.

On Tuesday Goyal launched a scathing attack on Opposition parties, especially Congress leader Rahul Gandhi, over the criticism of the India-US trade deal and said that the deal is in the final stages of detailing between the negotiating teams.

Addressing reporters in the Parliament House complex after he was not allowed to speak in the Lok Sabha as he insisted on quoting from an article that cited former Army chief MM Naravane's unpublished "memoir", Rahul Gandhi said it is for the first time in history that the Leader of Opposition has not been allowed to speak on the president's address.

"We need to understand why a trade deal stuck for about four months was suddenly finalised last evening," Gandhi said, adding that "there was huge pressure on Prime Minister Modi".

Gandhi alleged that Prime Minister Modi "has been compromised" and that Indian farmers must understand their hard work, as well as their blood and sweat, has been "sold out" through the India-US trade deal. He also said the entire country had been "sold out".