Piyush Goyal announced a new India-US trade pact, reducing tariffs on Indian goods. He emphasized India's focus on safeguarding interests from predatory pricing while securing crucial ICT products like NVIDIA chips and AI equipment from the US.
Union Minister for Commerce and Industry Piyush Goyal on Saturday said that India's approach to ICT (Information and Communication Technology) products is focused on safeguarding national interests against countries that indulge in predatory pricing and unfair trade practices.
While addressing a press conference on the India-US Joint Statementm outlining the details of the recently announced trade pact, under which tariffs on Indian products entering the US will drop from 50% to 18%, Minister Goyal said that India's focus is on safeguarding its interests from countries engaging in predatory pricing, not shutting out global players. The goal is to ensure fair competition and protect domestic industries.
India's Focus on Fair Competition
"India's approach is more directed towards safeguarding our interest from countries which are known to do predatory pricing or supply goods at irrational prices, which are even sometimes lower than the cost of manufacture in India," he said.
In response to an ANI question on the status of exports of electronic products and components, Piyush Goyal said, "Smartphones to the US will be exported on zero duty under the trade arrangements."
Goyal said the US and India complement each other, given their distinct economies and strengths. The agreement reflects a mutually beneficial partnership that addresses India's needs and promotes growth.
Mutually Beneficial Partnership
"Countries which have fair play and certainly and it is important that we all understand this, a country like the United States of America, where the cost of labour is probably 50 times the cost of labour in India, a country like the United States of America with a per capita income of USD 90,000 nearly, versus India which is at USD 3,000 per capita. There is certainly no competition. We actually complement each other," he said.
A 'Big Win' for India's National Security
Minister Goyal said that for national security, we will certainly need many ICT products. "For example, NVIDIA chips. We will certainly need AI equipment. We will certainly need data centres if we have to remain abreast with what is happening in the world, if our IT companies have to reorient themselves to start becoming more in tune with the needs of the world."
"We will need these important ICT products. It is a big win for India that America has agreed to provide us all these ICT products, which are the need of the hour in our country," he added.
The Commerce Minister further added that the deal with the US is a win for India, securing crucial ICT products like NVIDIA chips, AI equipment, and data centres. These are essential to India's national security, IT growth, and global competitiveness.
"For our national security, we will certainly need many ICT products. For example, NVIDIA chips. We will certainly need AI equipment. We will certainly need data centres if we are to remain abreast of global developments and if our IT companies are to reorient themselves to better align with global needs. We will need these important ICT products. It is a big win for India that America has agreed to provide us all these ICT products, which are the need of the hour in our country," he added.
Future of India-US Trade Negotiations
Goyal also said that India is now a strong country and will engage with the United States on equal footing as both nations move forward with negotiations on the first tranche of the India-US Bilateral Trade Agreement (BTA).
Responding to a question by ANI that the United States affirms that it intends to take into consideration, during the negotiations of the Bilateral Trade Agreement (BTA), India's request that the United States continue to work to lower tariffs on Indian goods, Goyal said, "India is a strong country now. India and US will work together and strengthen their relationship. We will work on for benefit of both the countries." (ANI)
(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)