Commerce Minister Piyush Goyal said on Thursday that India’s relationship with the US remains strong, underpinned by a deep strategic partnership spanning technology, defence, trade and investment.
“Our relations are very strong. We have a deep strategic partnership in several aspects, in technology, defence, trade and investment, and our approach is that India should get preferential market access,” Goyal told reporters in New Delhi after the World Trade Organization’s 14th Ministerial Conference (MC14).
The United States imposed a flat 10% tariff on imports from all countries after its Supreme Court struck down the reciprocal tariff regime, effectively eliminating any preferential treatment.
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On February 2, Delhi finalized an interim trade deal with the US that reduced tariffs on its goods from 50% to 18%. Although the agreement was expected to be implemented in March, it was delayed due to geopolitical developments. The US Supreme Court’s ruling against reciprocal tariffs has also created uncertainty about their implementation.
At the WTO conference
Goyal said MC14 includes detailed discussions on major global trade issues such as WTO reforms, fisheries subsidies, investment facilitation for development, e-commerce, agriculture and broader development concerns.
He noted that three important decisions were taken, including steps to better integrate smaller economies into the multilateral trading system by improving trade logistics, connectivity and border procedures to enhance their participation in global trade.
“India has advocated bridging the digital divide in e-commerce by strengthening digital infrastructure and skill development in LDCs and developing countries,” he said.
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He further added that India has re-emphasized the need for a permanent solution to public stockholding for food security purposes and a special safeguard mechanism to protect farmers’ interests.
Discussing fisheries subsidies, Goyal said discussions focused on addressing overcapacity and overfishing, with a broad consensus among member states to support sustainable practices. “India strictly adheres to sustainable fishing methods and remains committed to supporting small and artisanal fishers,” he said.
He added that the government is closely monitoring fishing capacity to prevent overexploitation and is looking for a sufficient transition period to support further development of the industry.
About the war between the US and Iran
Goyal also said that during bilateral meetings with trade ministers on the sidelines of the WTO conference in Cameroon, several leaders expressed concern about the impact of the ongoing war.
“It has harmed the global economy. It is harming global trade, especially the death and destruction of property and innocent lives, which is something we are all concerned about. Difficulties with the free movement of goods on the high seas is another area that we all hope together can be resolved quickly,” he said.
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He added that India has shown resilience in terms of food and energy security and remains “largely” insulated and stable.
“Consumers are getting their LPG. Industrial LNG supplies have now been restored to 80%, with many sectors receiving full LNG. There is no shortage of petroleum products. Our refineries are operating at full capacity. There are sufficient oil reserves and new supplies of oil, LPG and LNG are coming in to ensure a pipeline for the future,” he said.
