'Both Sides Working To Complete Technical Processes': Piyush Goyal Briefs Lok Sabha On India-US Trade Deal

(MENAFN- Live Mint) Union Commerce and Industry Minister Piyush Goyal on Wednesday addressed the Lok Sabha with details about the India-US trade deal while speaking in the Lok Sabha during the ongoing Budget Session of Parliament.

Goyal spoke amid sloganeering by opposition members over 'disallowing' Leader of Opposition (LoP) Rahul Gandhi from speaking in the lower house on Tuesday amid a row over quoting from excerpts from an article that cited former Army chief MM Naravane's unpublished 'memoir' regarding the India-China conflict of 2020.

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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.

Safeguarding the interests of its sensitive sectors

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 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.

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.

While Goyal spoke, the opposition continued to protest in the house.

The Minister, speaking in Hindi, added that labour-intensive sectors will receive a major boost to exports following the reduction intariffs 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 is the government's top priority, Goyal said, adding that India needs goods from sectors such as aviation and nuclear, and thatthe US is a major player in these segments.

“The deal is in the national interest of India,” he said.

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As the opposition members protested, Lok Sabha speaker Om Birl a urged them to let the minister speak. Eventually, the house was adjourned till 2 pm.

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.

Rahul slams Modi Govt

Rahul Gandhi, on Tuesday, alleged that Prime Minister Narendra Mod has buckled under US pressure to finalise a trade deal and has 'sold out' the hard work of Indian farmers through the agreement.

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 Oppositio has not been allowed to speak on the president's address.

India has been successful in protecting the agricultural and dairy sectors.

"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 ".

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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".

(With agency inputs)

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