New Delhi, Aug 1 India does not make trade deals under any pressure or deadlines, and there is no chance to compromise on farmers, dairy and agriculture interests, government officials here said on Friday.
According to officials familiar with the subject, the 25 per cent tariff hike imposed by US President Donald Trump from August 1 is not at all alarming for the Indian markets.
“There is absolutely no chance of compromising on farmers, dairy and MSMEs, and no chance of allowing import of genetically-modified crops either,’ said officials, adding that "lower tariffs on Pakistan and Bangladesh will have no impact on us".
A US delegation is coming for the next round of trade talks by the end of August. The India-US trade negotiations are expected to continue and could bring some relief in the days to come.
Moreover, the recently concluded India-UK free trade agreement (FTA) has turned out to be a 'game-changing' deal that provides immense opportunities and benefits to farmers, businessmen, MSME sectors, young professionals and fishermen.
Commerce Minister Piyush Goyal said on Thursday that the country will take all necessary steps to protect national interest while negotiating trade deals with countries. Addressing the Parliament, Goyal also dismissed the US President’s "dead economy" comment, saying India has risen from 11th to the fifth-largest economy in 10 years, and remains the fastest-growing economy in the world.
"India has signed mutually beneficial FTAs with the UAE, the UK, Australia and the EFTA nations. We want to achieve such FTAs with more countries," said Goyal, adding that India, through its reforms and MSMEs and industry's efforts, is currently the 4th largest economy and will soon become the third-largest economy.
"We are constantly working towards protecting and promoting our farmers. The government is confident of achieving the Viksit Bharat goals. India is progressing towards ‘Make in India’ with self-confidence," the minister said.
According to the minister, India and the US decided to talk over a mutually-beneficial trade deal aimed to be completed by the fall of this year.
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