New Delhi, Feb 27; Commerce and Industry Minister Piyush Goyal said on Friday that India would go in for a rebalancing of the proposed trade agreement with the United States, if required, to protect its interests, in view of the changed situation following the US Supreme Court annulling the tariff hikes announced earlier by the Donald Trump administration.
“Given the evolving situation on US tariffs, we will wait and watch and ensure India’s best interests are protected,” Goyal said at a media event here.
“It’s an evolving situation. The Trump administration has made some comments; they have other tools that they can use. Next week, they can increase tariffs to 15 per cent. Various dialogues are going on. I had said that if the circumstances change, the deal will be rebalanced.”
The minister pointed out that the “India-US joint statement says that should circumstances change, the deal will be rebalanced”.
He further stated that bilateral trade discussions with the United States are continuing amid the changing situation.
In an oblique reference to President Trump’s announcements after the Supreme Court verdict, Goyal said: “There are many tools that the Trump administration can use in this evolving situation; one of them is the move to levy a 10 per cent tariff.”
Goyal was optimistic about the outcome of the trade deal with the US. “There are so many positives in the US deal; let us see how the situation moves forward. International trade deal is about competitive advantage,” he remarked.
He reiterated that sensitive dairy and farm sectors have been protected in the proposed arrangement.
“No GM foods will come into India. Dairy, maize, soybean and poultry are exempt from the US trade deal. We have preserved the interests of farmers, dairy. The deal preserves our interests,” the minister said.
He further stated that despite the global headwinds, India’s exports are poised to increase this year.
India and Washington have decided to reschedule the official meeting over the interim bilateral trade agreement, so that both sides can factor in the implications of the US Supreme Court judgment striking down the Trump administration’s tariff hikes.
A three-day meeting between teams headed by the chief trade negotiators of the two countries was earlier slated to take place in the US on February 23. A decision will be taken to fix a new date for the meeting that is convenient for both sides.
–IANS