India will not concede any import duties on agricultural goods to the United States, as Union Commerce and Industry Minister Piyush Goyal made it clear on Saturday, emphasizing that the nation is completely independent in the industry. Interpreting the joint statement issued by India and US regarding the offered bilateral trade option, Goyal added that this choice indicates the Indian intentions to safeguard its farmers and home agricultural economy.
In a press conference, the minister has given a wide list of farm and allied products, which will not be given any benefits in imports. These are meat, poultry, dairy products, soyabean, maize, rice, wheat, cereals, millets like jowar, bajra and ragi, fruits, green tea, oilseeds, groundnuts, honey, non-alcoholic drinks, ethanol and tobacco. As he has pointed out, agriculture has been a sensitive subject to India since it also serves livelihoods and food security.
According to Goyal, this is unlike some of the provisions of the free trade agreements that India has with some areas like the European Union, the United Kingdom and Australia. Historically, India has not been trading in such sectors as dairy, cereals, meat, poultry, GM foods, soymeal and maize, as a measure to protect local manufacturers.
Meanwhile, the commerce minister emphasized the overall advantages of the planned trade agreement, and said it would open up a 30-trillion market to Indian exporters, especially MSMEs, farmers and fishermen. He further noted that some of the Indian exports to the US, such as gems and jewellery, pharmaceuticals and smartphones, will still enjoy a zero-duty with the interim trade agreement.
Agricultural products like spices, tea, coffee, coconut and coconut oil, vegetable wax, areca nut, cashew nuts, and several kinds of fruits and vegetables are also likely to enjoy the benefits of zero reciprocal tariffs in the agriculture sector which is a new opportunity to the Indian farmers.
Join our whatsapp group for Latest updates
Click Here for Chhattisgarh News
Click Here for Entertainment News