India will gain ‘strong comparative advantage’ after US trade deal, says Piyush Goyal

India's Commerce and Industry Minister, Piyush Goyal, proclaimed during an Institute for Studies in Industrial Development (ISID) conference that the recently progressing US trade deal will significantly benefit India's sensitive sectors. The minister emphasized that under the US trade agreement, India's sensitive industries have been safeguarded and that the nation's economy would achieve a strong comparative advantage post-signing.

This optimism stems after US Secretary of State Marco Rubio forecasted that the US-India trade deal will be finalized within weeks, with 99% of the work completed. Despite these positive strides, the US trade pact has been subjected to political scrutiny by certain quarters, a claim Goyal dismissed as a lack of understanding of the deal's merits.

He elaborated that the deal's details will reveal that no sensitive interests of Indian farmers have been jeopardized. Instead, India stands to gain a significant competitive edge, illustrating that trade deals focus on comparative advantage rather than absolute numbers. The oil tariffs, which were previously a major stumbling block, have been resolved, marking a step towards finalizing the trade deal.