Following recent remarks by US President Donald Trump, in which he indicated an imminent trade deal with India, Union Finance Minister Nirmala Sitharaman has responded.
India US trade deal: Discussions regarding a potential trade agreement (trade deal) between India and the United States are gaining momentum in political and economic circles. Recently, US President Donald Trump claimed that a trade deal with India could be finalized soon. This statement prompted the first official reaction from Union Finance Minister Nirmala Sitharaman.
Sitharaman stated clearly that India is prepared to enter into a b and balanced trade agreement with the US, but certain important conditions would apply. She emphasized that India would not compromise on the protection of its agricultural and dairy sectors and that the boundaries of these sectors would be considered seriously.
In an interview with the Financial Express, Sitharaman said, “India would like a better trade deal, but the conditions will be clear. The boundaries of some of our sectors are defined, especially in sectors like agriculture and dairy, where the interests of Indian farmers and producers will be paramount.”
Trump Expressed Hope for Early Agreement
In fact, US President Donald Trump had recently stated that the picture regarding the India-US trade deal would be completely clear by July 8th. He also indicated that IT, manufacturing, services, and the automobile sector could also be part of this agreement. According to Trump, the obstacles between the two countries also appear to be diminishing.
Why is the India-US trade deal important?
Finance Minister Sitharaman also explained why a trade agreement with the US is necessary for India. She said, considering where we stand and the global goals of India, trade agreements with large economies will give us more strength. This will increase our exports, attract investment, and create new employment opportunities.
The Finance Minister acknowledged that the US is India's largest trade partner and that further improving trade cooperation with them is the need of the hour. She said that the government is taking steps in this direction with complete transparency.
Concerns of Farmers and the Dairy Sector
However, Sitharaman reiterated that any concessions in the agricultural and dairy sectors would be given only after careful consideration. “We cannot compromise the interests of our farmers. Protecting farmers and small producers is our priority in any agreement,” she said. This statement came at a time when many farmers' organizations are expressing concerns that cheaper dairy products or grains from foreign countries could enter India due to a trade agreement, affecting small farmers in the country.
According to Trump's statement, discussions between the two countries could reach a decisive stage by July 8th. However, on behalf of India, Nirmala Sitharaman has indicated that the government will not rush into any agreement and will consider every point in depth. She said, “We will not make any decision in haste. Until our interests are fully protected, the final agreement will not be signed.”
