New Delhi, Feb 8: On Sunday, Piyush Goyal, the Minister of Commerce and Industry, emphasized that the trade agreement with the United States includes sufficient measures to protect farmers and domestic industries from potential surges in imports.

He noted that this trade deal is expected to benefit Indian farmers, who are currently exporting agricultural and fish products worth between USD 50-55 billion.

In a video interview, Goyal described the India-US joint statement as a concise two-page document.

He referenced the extensive documentation he presented to the Cabinet regarding the free trade agreement with the European Union, indicating that the India-EU trade deal involves a more complex set of negotiations.

Goyal remarked, "Negotiations are reciprocal; the US would also want to protect its market from an influx of Indian goods, which is a standard aspect of trade discussions."

He highlighted that Indian products will enjoy a competitive edge in the US market due to a lower tariff rate of 18%, compared to higher tariffs faced by competitors like China, which can reach up to 35%.

"We are actively working on this. Safeguards are always in place. Anyone suggesting otherwise is misleading the public, as there is still much clarity needed," he stated.

Goyal mentioned that both nations have specific sensitivities regarding certain products and have established safeguards accordingly.

He confirmed that India has not offered any duty reductions on dairy products, including genetically modified items, meat, poultry, soya meal, and corn.

However, he acknowledged that India has provided some market access for certain pulses and lentils that it imports.

"Trade involves compromise. If I don't offer anything, how can I expect to open the US market for our farmers?" he explained.

Goyal expressed that India is cautiously opening its sectors, ensuring that each decision is well-considered and supports the growth of the Indian economy, ultimately benefiting farmers who wish to export processed goods globally.

Regarding dry fruits, he noted that India imports approximately three and a half billion dollars worth of dry tree nuts, with one billion dollars already coming from the US.

"I have no objections to imports from the US as it benefits consumers. The primary stakeholders are the 1.4 billion Indian customers, and if they can access cheaper products, it is advantageous," he concluded.