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India in ‘sweet spot’ on tariffs, has competitive edge in US trade deal: Piyush Goyal

#Literature Desk

Union Commerce and Industry Minister Piyush Goyal has said India is negotiating trade agreements from a position of strength, asserting that reciprocal tariffs imposed on India are the lowest among developing countries, placing the country in a “sweet spot” in the India–US trade deal discussions.

In an exclusive interview with PTI Editor-in-Chief Vijay Joshi, Goyal criticised past trade agreements signed under the UPA government, saying, “UPA did FTAs with competing economies, which are hurting India today; we got limited access, but we opened our markets much more.”

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Highlighting India’s current economic standing, the minister said, "India today negotiates from a position of strength; I start talks by saying we are a USD 4 trillion economy," Piyush Goyal said, adding,"Our negotiating strength is that we offer a future of USD 35 trillion economy."

Goyal underscored India’s tariff advantage in global trade, noting that Indian goods face an 18 per cent tariff, compared to 35 per cent for China and 19 per cent or higher for several other countries.

"It is about competitive advantage, reciprocal tariffs on India is lowest among developing countries, we are in a sweet spot," says Piyush Goyal on India-US trade deal.

Dismissing criticism that India conceded more by accepting an 18 per cent tariff while offering duty-free access to the US, Goyal said the agreement would ultimately benefit Indian farmers.

He pointed out that India already exports agricultural and fish products worth USD 55 billion and said access to the US market would significantly boost returns. He further said that The US market will offer farmers “much bigger value,” leading to an increase in farmers’ income.

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