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India to Rebalance US Trade Deal if Needed to Protect Interests: Goyal

Commerce Minister Piyush Goyal stated India is prepared to rebalance its proposed trade agreement with the United States to safeguard its interests, following the evolving US tariff situation. He emphasized that sensitive sectors like dairy, maize, and poultry are exempt from the deal, and no genetically modified foods will be allowed. Goyal noted that bilateral discussions are ongoing and a key meeting has been rescheduled to account for the implications of a recent US Supreme Court judgment on tariffs. He remained optimistic about the deal's positives while affirming a commitment to protect Indian farmers.

Key Points: India to Protect Interests in US Trade Deal, Says Piyush Goyal

  • Deal rebalancing if circumstances change
  • Sensitive dairy and farm sectors protected
  • No GM foods to enter India
  • US tariff situation remains fluid
2 min read

India to protect its interests in trade deal with US amid evolving situation: Piyush Goyal

Commerce Minister Piyush Goyal says India will rebalance the US trade deal to protect farmer interests amid evolving US tariff situation.

"Given the evolving situation on US tariffs, we will wait and watch and ensure India's best interests are protected. - Piyush Goyal"

New Delhi, Feb 27

Commerce and Industry Minister Piyush Goyal said on Friday that India would go in for a rebalancing of the proposed trade agreement with the United States, if required, to protect its interests, in view of the changed situation following the US Supreme Court annulling the tariff hikes announced earlier by the Donald Trump administration.

"Given the evolving situation on US tariffs, we will wait and watch and ensure India's best interests are protected," Goyal said at a media event here.

"It's an evolving situation. The Trump administration has made some comments; they have other tools that they can use. Next week, they can increase tariffs to 15 per cent. Various dialogues are going on. I had said that if the circumstances change, the deal will be rebalanced."

The minister pointed out that the "India-US joint statement says that should circumstances change, the deal will be rebalanced".

He further stated that bilateral trade discussions with the United States are continuing amid the changing situation.

In an oblique reference to President Trump's announcements after the Supreme Court verdict, Goyal said: "There are many tools that the Trump administration can use in this evolving situation; one of them is the move to levy a 10 per cent tariff."

Goyal was optimistic about the outcome of the trade deal with the US. "There are so many positives in the US deal; let us see how the situation moves forward. International trade deal is about competitive advantage," he remarked.

He reiterated that sensitive dairy and farm sectors have been protected in the proposed arrangement.

"No GM foods will come into India. Dairy, maize, soybean and poultry are exempt from the US trade deal. We have preserved the interests of farmers, dairy. The deal preserves our interests," the minister said.

He further stated that despite the global headwinds, India's exports are poised to increase this year.

India and Washington have decided to reschedule the official meeting over the interim bilateral trade agreement, so that both sides can factor in the implications of the US Supreme Court judgment striking down the Trump administration's tariff hikes.

A three-day meeting between teams headed by the chief trade negotiators of the two countries was earlier slated to take place in the US on February 23. A decision will be taken to fix a new date for the meeting that is convenient for both sides.

- IANS

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Reader Comments

R
Rohit P
Finally, some clear communication from the minister. The exemption for dairy and poultry is a huge relief for lakhs of families. International deals should benefit our people first, not just look good on paper.
A
Aman W
While I appreciate the protective stance, I hope this 'rebalancing' talk doesn't mean endless delays. Our IT and pharma sectors need market access and clarity. Uncertainty is bad for business planning.
S
Sarah B
As someone working in exports, this is a tense time. The US is our biggest partner. Goyal's optimism is needed, but the ground reality is that tariffs hurt. Hoping for a stable agreement soon.
V
Vikram M
No GM foods! That's the best news in this whole update. We must protect our food sovereignty and traditional farming practices. The US deal cannot be a trojan horse for their agricultural corporations.
K
Karthik V
The statement says "if required". I respectfully think the requirement is already there. With the US Supreme Court verdict and Trump's unpredictable nature, we should proactively rebalance the terms now, not just wait.

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