NEW DELHI: India will enter into a trade agreement with the US only if its interests are protected and it is able to sustain a tariff advantage over its competitors, while prioritising the interests of farmers, commerce and industry minister Piyush Goyal said Friday.
"India has never discussed any trade agreement or even a tranche under any time pressure or under any duress. We have to take care of our national interest , we have to ensure it's a fair deal which gives us a sustained preferential advantage over our competitors... But we are not working towards any specific deadlines, we are working towards national interest," he told TOI in an interview, referring to the July 9 deadline set by US President Trump for trade agreements.
No compromise on interests of farm & dairy sectors: Goyal
US President Donald Trump had imposed reciprocal tariffs on nearly 100 countries but agreed to a 90-day pause that is to end Tuesday. India was slapped with 26% reciprocal tariffs. There is uncertainty over whether India and US can agree to an early tranche or a mini deal before that even as a comprehensive bilateral trade agreement is negotiated by Fall (Sept-Oct) after a meeting between Trump and PM Modi.
For India, lowering tariffs on farm products, such as maize and soybean, as well as dairy products is a concern. While commerce and industry minister Piyush Goyal did not get into the specifics, he said India will not compromise the interests of farm and dairy sectors . "Farmers' interest is always paramount for Modi govt. In any negotiation we have done, you have seen UK, Australia, Mauritius, EFTA and UAE agreements, India's farmers have been protected." Govt has refrained from offering concessions in major agricultural products, but for US, it is the main focus.
While some govt officials said US demands were not very clear, for India, Goyal said Indian expectations for duty concessions in labour-intensive sectors were the focus of the trade deal. India was hoping for duty concessions in leather, footwear, textiles and some auto parts in return for reducing levies on automobiles and American whiskey.
Besides, India wants to be insulated from future tariff adjustments, including sectoral actions, while getting the benefit of lower duties compared to countries such as China and Vietnam. There are only a handful of countries, including UK, China and Vietnam, that have so far agreed to trade deals with US.
"India has never discussed any trade agreement or even a tranche under any time pressure or under any duress. We have to take care of our national interest , we have to ensure it's a fair deal which gives us a sustained preferential advantage over our competitors... But we are not working towards any specific deadlines, we are working towards national interest," he told TOI in an interview, referring to the July 9 deadline set by US President Trump for trade agreements.
No compromise on interests of farm & dairy sectors: Goyal
US President Donald Trump had imposed reciprocal tariffs on nearly 100 countries but agreed to a 90-day pause that is to end Tuesday. India was slapped with 26% reciprocal tariffs. There is uncertainty over whether India and US can agree to an early tranche or a mini deal before that even as a comprehensive bilateral trade agreement is negotiated by Fall (Sept-Oct) after a meeting between Trump and PM Modi.
For India, lowering tariffs on farm products, such as maize and soybean, as well as dairy products is a concern. While commerce and industry minister Piyush Goyal did not get into the specifics, he said India will not compromise the interests of farm and dairy sectors . "Farmers' interest is always paramount for Modi govt. In any negotiation we have done, you have seen UK, Australia, Mauritius, EFTA and UAE agreements, India's farmers have been protected." Govt has refrained from offering concessions in major agricultural products, but for US, it is the main focus.
While some govt officials said US demands were not very clear, for India, Goyal said Indian expectations for duty concessions in labour-intensive sectors were the focus of the trade deal. India was hoping for duty concessions in leather, footwear, textiles and some auto parts in return for reducing levies on automobiles and American whiskey.
Besides, India wants to be insulated from future tariff adjustments, including sectoral actions, while getting the benefit of lower duties compared to countries such as China and Vietnam. There are only a handful of countries, including UK, China and Vietnam, that have so far agreed to trade deals with US.
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