India Secured ‘Best’ U.S. Trade Deal Among Peers, Says Piyush Goyal

NEW DELHI — India has secured the most favorable trade deal with the United States among competing economies and is now “sitting in a sweet spot,” Commerce and Industry Minister Piyush Goyal said Thursday.

Speaking to reporters following the 14th Ministerial Conference of the World Trade Organization (WTO) in Cameroon, Goyal said India is pushing for preferential market access under its bilateral trade arrangement with the United States. Such access would allow exemptions from tariffs on selected product categories.

India finalized an interim trade deal with the U.S. on February 2, reducing tariffs on certain goods from 50 percent to 18 percent. However, a nine-judge U.S. bench later ruled the tariffs “illegal” on February 20. Following that decision, the Trump administration imposed a 10 percent tariff on all trading partners.

Despite ongoing geopolitical tensions, India and the United States continue to engage in discussions aimed at finalizing a broader, mutually beneficial trade agreement. Officials from both countries are working to strengthen economic ties, including cooperation in trade, defense, and supply chains.

Goyal also addressed agricultural issues at the WTO conference, reiterating India’s demand for a permanent solution on public stockholding for food security and the implementation of a 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,” Goyal said.

He added that India opposed certain plurilateral agreements, including the Investment Facilitation for Development (IFD) Agreement, arguing they should not be incorporated into the WTO framework without broader consensus and safeguards.

During the conference, Goyal highlighted India’s role in discussions on WTO reforms, emphasizing the need to protect the interests of farmers and fishing communities.

“Also emphasized how India reiterated its strong commitment to ensuring a fair, transparent and rules-based multilateral trading system,” he said.

The minister also pointed to India’s long history of sustainable fishing practices and called for equitable, development-focused outcomes that benefit the country’s fishing sector. (Source: IANS)