Piyush Goyal, the Union Minister of Commerce and Industry, on Wednesday made a statement in the Lok Sabha on the India-United States trade deal. As the minister rose to deliver his remarks on the deal announced on Monday night by US President Donald Trump and Prime Minister Narendra Modi, the Opposition started raising slogans in the lower house, making it difficult to hear what Goyal was saying.
The minister said the India-US trade deal, under which Washington has reduced tariffs imposed on New Delhi to 18 per cent from 50 per cent, will help promote Viksit Bharat and Atmanirbhar Bharat initiatives.
“I would like to emphasise the fact that this tariff is lower than the US tariff on several competitor nations…” Goyal told the Lok Sabha, adding that India’s labour-intensive sectors will get an export boost in the US market after the agreement.
The minister asserted that the Modi government has been able to safeguard the interests of sensitive sectors like agriculture and dairy in the trade deal with the US.
“I would like to reiterate to this august House that in the sector of fertiliser and agriculture, India’s sensitiveness has been taken care of. This agreement will provide new opportunities to small and medium businesses, MSMEs, industrialists, skilled workers and industries. This will simplify the reach to advanced technologies and help in realising India’s ‘Make in India for the World’, ‘Design in India for the World’ and ‘Innovate in India for the World’,” the minister stressed.
‘Trade deal details to be released soon’
Talking about the deal broadly, the minister said the agreement will strengthen India-US ties and help in the journey towards a developed India.
“This historic and structural agreement is a major step towards strengthening India-US relations and advancing our journey towards Viksit Bharat 2047. This also reflects the strong connection between two of the biggest democratic nations in the world; they are natural partners and are working together for shared prosperity,” said the minister.
He also explained the next steps in the finalisation of the deal, adding that all details will be released soon.
“I would like to inform the MPs that with regard to the next course of action, both sides will work together to fulfil important processes related to the trade agreement and finalise the paperwork so that its full capability can be taken benefit of at the earliest. The details of the agreement will be announced soon after the conclusion of these processes,” he added.
What the minister said on Russian oil
The minister also addressed the question of Russian oil, stating that India diversifies its energy sources, keeping in mind the interests of its population.
“I want to make it clear that, as the government has said several times, safeguarding the energy requirements of 140 crore Indians is the biggest priority of the government. In line with an objective market, circumstances and changing geopolitical situation, diversifying energy sources is the basis of our work style,” he stated.
Lok Sabha Speaker Om Birla adjourned the house till 2 pm amid continued Opposition protests, soon after the minister finished making his statement.
The Opposition had been demanding that the government release details of the deal, which has been announced, but so far not signed on paper. The Opposition, led by the Congress, alleged the Modi government had compromised on critical sectors like agriculture and dairy.