According to Commerce and Industry Minister Piyush Goyal, India is in a “sweet spot” with the trade deal and has the “best” agreement with the United States among its rivals.

Speaking to the media at the 14th Ministerial Conference of the World Trade Organization (WTO), which was recently held in Cameroon, the minister said that India should receive preferential market access under the bilateral trade agreement signed with the United States.

A tariff exemption on certain product lines is considered preferential market access.

The interim trade pact with the US, which significantly reduced the tariffs imposed on India from 50% to 18%, was finalized on February 2.

The tariffs were later deemed unlawful by the nine-member US panel on February 20. The Donald Trump administration then imposed a 10 percent tariff on all trading partners right away.

India and the US continue to engage in discussions for a bilateral trade agreement that will benefit both countries, despite geo-political turbulence. Both parties are putting forth a concerted effort to reach a trade deal that would boost economic collaboration and business opportunities in both countries.

Additionally, India and the United States are strengthening diplomatic and economic ties in a number of industries, such trade, defense, and supply chain collaboration.

At the WTO’s “MC14” meeting, India reaffirmed the necessity for a lasting solution on public stockholding and a Special Safeguard Mechanism in agriculture, according to Goyal.

“The Modi Government continues to be dedicated to safeguarding the interests of our farmers and maintaining food security. “India represents what is correct,” the minister stated.

In a message on X, Goyal stated, “We opposed plurilaterals like the Investment Facilitation for Development (IFD) Agreement and did not consent to their inclusion into the WTO framework without adequate safeguards and consensus at WTO MC14. ”

Goyal stressed India’s active participation in the heated discussions on WTO reforms at the WTO summit, protecting the interests of our people, particularly our farmers and fishermen.

Additionally, he highlighted how India reaffirmed its unwavering dedication to fostering a fair, transparent, and rules-based multilateral trading system.

At the ‘MC14‘ WTO conference, it was emphasized that India has been employing sustainable fishing methods for millennia, according to Goyal.

At the briefing, the minister stated, “India demands fair, development-oriented outcomes that greatly benefit our fishing community. “