India Takes Strategic Stance on US Trade Talks
Union Minister Piyush Goyal has sent a clear message amid ongoing trade negotiations with the US: India will not sign any agreement in haste. Emphasizing national interests, Goyal stated that any deal must be balanced and beneficial for India’s economy.
“We are not in a hurry to sign a trade pact,” Goyal said during recent discussions. “Every agreement must safeguard India’s farmers, industries, and long-term growth.”
Key Issues in India-US Trade Negotiations
India and the US have been negotiating for years, with major sticking points including:
– Market access for US dairy and farm products
– Tariff reductions on industrial goods
– Intellectual property rights, especially in pharmaceuticals
– Restoration of GSP (Generalized System of Preferences) benefits for Indian exports
The US revoked India’s GSP status in 2019, impacting $6.3 billion in exports. Meanwhile, India seeks easier visa rules for professionals and protections for its agriculture sector.
Why India is Playing the Long Game
Goyal’s cautious approach stems from three key factors:
- Protecting Sensitive Sectors – Dairy and agriculture employ millions, and India fears cheaper US imports could disrupt local markets.
- Diversifying Trade Partnerships – India is securing deals with the EU, UAE, and Australia, avoiding over-reliance on one nation.
- Learning from Past Mistakes – The RCEP exit (2019) taught India to avoid lopsided agreements that risk domestic industries.
Industry Reactions & Future Outlook
Indian Businesses Support Caution
– Industry bodies like FICCI and CII back Goyal’s stance, warning that rushed deals could weaken ‘Make in India.’
US Pushes for Faster Progress
– The US-India Business Council (USIBC) urges compromise, citing untapped potential in the $160 billion bilateral trade.
What’s Next?
Experts suggest a phased agreement, resolving smaller issues first. However, India’s bottom line remains: No deal is better than a bad deal.
As talks continue, India’s strategy is clear—patience over speed, fairness over haste.
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