Commerce and Industry Minister Piyush Goyal on February 18 said farmers will have no cause for complaint once the final text of the proposed India–US trade agreement is made public, asserting that all sensitivities have been safeguarded.
Speaking at the Global Economic Cooperation Summit in Mumbai, Goyal said the final text of the interim trade deal with the United States is yet to be inked, but stressed that India has negotiated from a position of strength.
“The final text has yet to be inked, so I do not want to pre-empt it. But we have finalised all the sensitivities we have to protect. Farmers and MSMEs are fully protected,” he said, describing the pact as the ninth major agreement signed by India in the past four years.
Goyal emphasised that in all its free trade agreements (FTAs), India has ensured that the interests of farmers, fishermen and micro, small and medium enterprises (MSMEs) remain protected. He reiterated that India has “not opened dairy for any country whatsoever” in any trade deal.
Developed economies such as Australia, New Zealand, the US and several European nations typically push for dairy market access as part of trade negotiations. However, Goyal said India’s firm stance and transparent engagement have led partners to accept New Delhi’s position.
“Our small dairy and marginal farmers cannot compete with the mechanised dairies of the developed world,” he said, underlining the political and economic sensitivity of the dairy sector, which supports millions of smallholders across the country.
The minister added that trust and confidence between negotiating counterparts make agreements easier to conclude. He said India’s trade deals are crafted with a long-term vision of 20 to 30 years, taking into account emerging global trends.
Continuous engagement with stakeholders remains central to the government’s approach, Goyal noted, adding that India aims to become a $40 trillion economy by 2047.
India and the United States have finalised the framework for an interim trade agreement, which is expected to be signed around March. Reciprocal duties are also set to be reduced to 18% from 25% later this week.
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