Sensitive Sectors Protected, Says Commerce Minister Piyush Goyal
New Delhi, Oct 29: Commerce and Industry Minister Piyush Goyal has said that the government has protected farmers and other sensitive sectors in the India-US trade deal. Speaking on Thursday, he said details of the agreement would confirm that no compromise was made on these areas, and that India would be placed in a strong comparative advantage position.
Goyal emphasised that trade is not only about overall numbers. It is equally about comparative advantage and competitiveness. He noted that many developed countries use high tariffs on labour-intensive goods and treat these tariffs as a bargaining tool in talks.
He made these remarks at the Fourth National Conference on India's Industrial Transformation, organised by the Institute for Studies in Industrial Development (ISID) and the Industrial Development Research Association (IDRA).
Addressing India's trade policy, Goyal said agreements signed by the country are not confined to lowering tariffs, setting rules of origin or ensuring market access alone. He called them broad partnerships that account for India's competitive strengths, identify export opportunities and shield sensitive sectors. These partnerships also ease access to high-technology products, including graphics processing units (GPUs), memory technology, medical technology and other goods needed for India's development.
According to him, India's trade discussions have addressed services, investment, education, skilling, technology collaboration, climate goals and nationally determined contributions (NDCs). These comprehensive agreements are building the base for integrating India with the global economy. Extensive consultations with concerned parties were held before finalising any agreement, to protect India's sensitivities and interests.
Goyal said India's trade agreements involve 38 developed and relatively affluent nations. This has produced trade opportunities that complement both sides, as India exports what these countries need and imports products vital to its development.
Nine free trade and bilateral trade agreements concluded by the government have opened special opportunities in markets with a combined GDP of 60 trillion dollars, he said. Pre-2014 agreements, by contrast, covered markets with a GDP of only 10 trillion dollars.
He added that earlier agreements were mainly with countries competing with India, while the current strategy focuses on building economic relationships that complement each other.
On industrial growth, Goyal said India's transformation must be grounded in quality, large-scale production, access to global markets and inclusiveness. He called for close cooperation between government, industry and academia to drive innovation, and said India should aim to be a globally recognised manufacturing nation. He added that the goal of Viksit Bharat 2047 can be reached through combined efforts of government, industry, academia and research institutions.