In both the Houses, Industry Minister Piyush Goyal, while presenting the government’s side regarding the India-US trade agreement, said that India’s interests in sensitive sectors like fertilizers and agriculture have been completely protected. He said that this agreement will open new opportunities for small and medium businesses, MSMEs, industrial units, skilled workers and industries and will facilitate access to advanced technologies. This will accelerate the goals of ‘Make in India for the World’, ‘Design in India for the World’ and ‘Innovate in India for the World’. The opposition’s uproar continued in Parliament during Goyal’s statement, but the minister said that the government has completed the talks keeping national interests paramount.
Phone conversation between PM Modi and Trump on February 2
The minister said that on February 2, 2026, there was a telephonic conversation between the Prime Minister and US President Trump on issues of bilateral and international importance. After this, President Trump announced to reduce the tariff to 18 percent. Goyal stressed that this rate is lower than the US tariffs imposed on many competing countries, which will give Indian exporters a competitive edge.
Sensitive areas like agriculture and dairy are completely safe.
Goyal further said that last year the negotiators from both the countries held detailed discussions at various levels. Keeping in mind the vital interests of both sides, security of sensitive areas was ensured. He said that during the negotiations the Indian side successfully protected its interests especially in sensitive sectors like agriculture and dairy. After a year of discussions, both the countries have succeeded in finalizing various areas of the bilateral trade agreement.
Both countries complement each other
Goyal said that the economies of India and America complement each other to a great extent and there are vast opportunities for trade between the two countries in the times to come. He said that while moving towards the goal of developed India, India will have to increase its capabilities in many important sectors including energy, aviation, data centers, nuclear energy, where America is the leading country. In such a situation, it is natural to focus on India-US trade in these areas, which will boost not only imports but also India’s exports.
Goyal further said that both the parties will work together to complete the necessary processes regarding the trade agreement and the paperwork will be finalized so that its full potential can be realized as soon as possible. The detailed details of the agreement will be made public after the completion of these processes.
Emphasizing on energy security, the Minister clarified that security of energy needs of 140 crore Indians is the top priority of the government. He said that diversification of energy sources in line with changing geopolitical circumstances, market objectives and circumstances is the basis of the government’s functioning.
This agreement will give impetus to the goal of developed India
Describing this agreement as historical and structural, Goyal said that it is a big step to further strengthen India-US relations and accelerate the journey of Developed India 2047. He said this reflects the strong ties between the world’s two largest democracies, working together as natural partners for shared prosperity.
