India Wants Preferential Access To US Market, Says Piyush Goyal

(MENAFN- Live Mint) Commerce minister Piyush Goyal, on Thursday, said India's relationship with the US remains strong, underpinned by a deep strategic partnership spanning technology, defence, trade and investments.

"Our relations are very robust. We have a deep strategic partnership on several aspects, on technology, on defence, on trade and on investments, and our approach is that India should get preferential market access," Goyal told reporters in New Delhi after the 14th ministerial conference (MC14) of the World Trade Organisation.

The US has imposed a flat 10% tariff on imports from all countries after its Supreme Court struck down the reciprocal tariff regime, effectively eliminating any preferential treatment.

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New Delhi had finalized an interim trade agreement with the US on 2 February, bringing down tariffs on its goods from 50% to 18%. Although the agreement was expected to be implemented in March, it has been delayed due to geopolitical developments. The US top court's ruling against reciprocal tariffs has also created uncertainty about its rollout.

On WTO conference

Goyal said the MC14 involved detailed discussions on major global trade issues such as WTO reforms, fisheries subsidies, investment facilitation for development, e-commerce, agriculture, and broader developmental concerns.

He noted that three important decisions were taken, including steps to better integrate smaller economies into the multilateral trading system by improving trade logistics, connectivity and border procedures to boost their participation in global trade.

“India advocated bridging the digital divide in the e-commerce domain by strengthening digital infrastructure and skill development in least-developed and developing countries,” he said.

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He further added that India has reiterated the need for a permanent solution on public stockholding for food security purposes and a special safeguard mechanism to protect farmers' interests.

While discussing fisheries subsidies, Goyal said the discussions centred on tackling overcapacity and overfishing, with broad agreement among member nations to promote sustainable practices. "India has consistently followed sustainable fishing methods and remains committed to supporting small and artisanal fishermen," he said.

He added that the government is closely monitoring fishing capacity to prevent overexploitation and is seeking a sufficient transition period to support the further development of the sector.

On the US-Iran war

Goyal also said that during his bilateral meetings with trade ministers on the sidelines of the WTO conference in Cameroon, several leaders raised concerns about the impact of the ongoing war.

"It has hurt the global economy. It is hurting global trade, particularly the death and destruction of property and innocent lives, which is something that we are all concerned about. The difficulties in free movement of goods in the open seas are another area that we are all collectively hoping can be resolved quickly," he said.

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He added that India has demonstrated resilience in terms of food and energy security and remains "pretty much" insulated and stable.

"Consumers are getting their LPG. Industrial LNG supplies have now been reinstated to 80%, with many sectors receiving full LNG. There is no shortage of petroleum products. Our refineries are working full stream. There is a sufficient stock of crude oil and new shipments coming in of crude oil, LPG and LNG to ensure a pipeline for the future," he said.

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