Piyush Goyal Defends US Trade Deal and RCEP Exit
Commerce Minister Piyush Goyal asserts that the pending US trade deal protects sensitive Indian interests and defends India's 2019 withdrawal from the RCEP.
Commerce and Industry Minister Piyush Goyal announced that the bilateral trade agreement between India and the United States will protect all sensitive Indian interests and stakeholders. Speaking at the ISID-IDRA national conference, Goyal dismissed opposition criticisms, stating that some elements politicize the deal due to a "lack of understanding and lack of knowledge." He claimed the public would celebrate the agreement once the specific details are released.
India and the United States finalized the framework for the first phase of the agreement in February, though recent shifts in US tariffs have led to further negotiations. India is currently pushing for lower tariffs on its goods in the US market to remain competitive against nations such as Vietnam, Bangladesh, and Cambodia.
During the conference, Goyal also defended India's 2019 decision to exit the Regional Comprehensive Economic Partnership. He argued that the pact would have increased reliance on Chinese goods and caused severe damage to the domestic manufacturing sector.
