NEW DELHI — India has secured the most favorable trade arrangement with the United States among competing economies and is now “sitting in a sweet spot,” Commerce and Industry Minister Piyush Goyal said Thursday.
Speaking after the 14th Ministerial Conference of the World Trade Organization (WTO) in Cameroon, Goyal said India is seeking preferential market access under its bilateral trade framework with the United States. Such access would allow exemptions from tariffs on select 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 U.S. court later ruled those tariffs “illegal” on February 20. Following that decision, the Trump administration imposed a 10 percent tariff on all trading partners.
Despite ongoing geopolitical uncertainty, India and the United States continue to engage in negotiations aimed at finalizing a broader trade agreement that would strengthen economic ties and benefit businesses in both countries. The two nations are also expanding cooperation in areas including defense, supply chains, and broader economic engagement.
Goyal also addressed agricultural issues at the WTO meeting, reiterating India’s call 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,” he said.
He added that India opposed certain plurilateral initiatives, including the Investment Facilitation for Development (IFD) Agreement, arguing they should not be incorporated into the WTO framework without consensus and adequate 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 would benefit the country’s fishing sector. (Source: IANS)
