We have successfully safeguarded our critical sectors, including dairy and agriculture: Piyush Goyal on India-US trade deal
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India successfully safeguarded its critical sectors, including dairy and agriculture, during the trade deal with the United States, Union Commerce Minister Piyush Goyal said at a press conference in New Delhi on Tuesday.
“Over time, PM Modi has made several efforts to safeguard India’s agriculture and dairy sector and he never compromised on his principles. In this deal too, we have successfully safeguarded our sensitive sectors, including dairy and agriculture,” Goyal said.
The minister further said that India has secured the most favourable trade deal with the US compared with other neighbouring countries. “Considering Prime Minister Modi’s friendship with President Trump, India gets the best trade deal among all the neighbouring countries with which it trades, and it brings a good opportunity for a brighter future for Indians,” he said.
During his address to the media, Goyal thanked the Prime Minister for successfully concluding the India-US trade deal after months of tough negotiations.
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“Today, every Indian is paying thanks to Prime Minister Narendra Modi for his successful closure of a trade deal with the US, for which we have been waiting for months. The deal is expected to boost India’s economy over time,” Goyal said.
Goyal said the successful conclusion of the trade deal with the US would deliver significant gains for India’s MSME sector, the engineering industry—including auto components and aircraft parts—as well as textiles, leather, marine, and other key sectors.
On late last night, Prime Minister Narendra Modi and US President Donald Trump officially confirmed the long-awaited India-US trade deal, which immediately reduced American tariffs on Indian goods from 25% to 18%. Both leaders hailed the agreement as a turning point in ties between the world’s two largest democracies.
“Wonderful announcement” for 1.4 billion people
US President Donald Trump was the first to announce the deal on his social media platform, Truth Social. The development was later confirmed by Prime Minister Modi following a high-level phone call with President Trump.
"Wonderful to speak with my dear friend President Trump today," the Prime Minister stated. "Delighted that Made in India products will now have a reduced tariff of 18%. Big thanks to President Trump on behalf of the 1.4 billion people of India for this wonderful announcement."
The Prime Minister said the partnership would benefit both countries and unlock "immense opportunities for mutually beneficial cooperation." He also noted that India fully supports President Trump’s efforts towards global peace and stability.
In a separate post on Truth Social, President Trump claimed that India had agreed to stop buying Russian oil and would "buy American" products at unprecedented levels. He said the deal includes more than $500 billion in commitments for US energy, technology, agricultural products, and coal.
"He agreed to stop buying Russian oil, and to buy much more from the United States and, potentially, Venezuela," Trump posted, linking the move to efforts to end the Ukraine conflict by cutting off Russian revenues.
“Out of friendship and respect for Prime Minister Modi and, as per his request, effective immediately, we agreed to a trade deal between the United States and India,” Trump said.
India has been a major buyer of discounted Russian crude since the start of the Ukraine war.