New Delhi, April 2 India has secured the "best" US deal among competitors, and the country is in a "sweet spot" with the trade pact, Commerce and Industry Minister Piyush Goyal said on Thursday.
Speaking to the media at the 14th Ministerial Conference of the World Trade Organization (WTO), held recently in Cameroon, the minister said India should receive "preferential market access" in the bilateral trade pact with the United States.
Preferential market access refers to exemptions from tariffs on specific product lines.
India finalized the interim trade deal with the US on February 2, which sharply lowered the tariffs levied on the country from 50 per cent to 18 per cent.
The tariffs were later ruled "illegal" by the nine-judge US bench on February 20. At the time, the Donald Trump administration announced an immediate tariff of 10 per cent on all trading partners.
Despite geopolitical challenges, India and the US continue to engage in discussions for a mutually beneficial bilateral trade agreement. Both sides are actively working towards a trade agreement that will benefit businesses and economic cooperation in both nations.
India and the US are also increasing diplomatic and economic engagement across multiple areas, including trade, defence, and supply chain cooperation.
Goyal further stated that at the WTO ‘MC14’ conference, India reiterated the need for a permanent solution on public stockholding and the Special Safeguard Mechanism.
"The PM Modi Government remains committed to protecting the interests of our farmers and ensuring food security. India stands for what is right," the minister said.
"We stood against plurilateral agreements like the Investment Facilitation for Development (IFD) Agreement and did not agree to their incorporation into the WTO framework without proper safeguards and consensus at WTO MC14," Goyal said in a post on X.
At the WTO conference, Goyal highlighted India's active role in the intense deliberations on WTO reforms while safeguarding the interests of our citizens, especially our farmers and fisherfolk.
"It also emphasized how India reiterated its strong commitment to ensuring a fair, transparent, and rules-based multilateral trading system," he noted.
Goyal said that during his engagements at the WTO ‘MC14’ conference, it was highlighted that India has been using sustainable fishing practices for thousands of years.
"India demands equitable, development-focused outcomes, which significantly benefit our fisherfolk," the minister said during the briefing.
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