New Delhi : Union Commerce Minister Piyush Goyal on Thursday said that India and the US are likely to finalise and sign a joint statement on the much-awaited bilateral trade deal in the next 4-5 days. Goyal said that India and the US are complementary economies, adding that the trade deal would be beneficial for both sides. The Union Minister said that the agriculture and dairy sectors are “fully” protected under the trade deal. He added that New Delhi’s “framework understanding” with Washington DC protects “critical and sensitive sectors” of both economies.
This is an important step towards strengthening India–US relations and advancing our journey towards Viksit Bharat 2047, and it also reflects the strong choice between the world’s two largest democracies, the minister said. Furthermore, Piyush Goyal said that India’s approach vis-à-vis the energy aspect of the deal is rooted in domestic needs. I want to make it clear, as the government has repeatedly stated publicly – ensuring the energy security of 140 crore Indians is the government’s highest priority.”
US President Donald Trump said that Washington cut tariffs on Indian goods from 25 per cent to 18 per cent as India lowered its trade barriers and stopped purchases of Russian oil, and is potentially looking at Venezuela as an alternate market.
US Trade Representative Jamieson Greer on Tuesday said that India would lower tariffs on a bunch of US industrial and agricultural goods to zero per cent under the trade deal. India, like every country in the world, including the United States, has some protection around certain key areas where they’ll continue to control that. We’ll continue to work on access.
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