New Delhi: Union Minister of Commerce and Industry Piyush Goyal | Photo credit: PTI
“Keeping in mind the important interests of both sides, it is natural that both sides would want to protect their respective important and sensitive areas and ensure the best possible outcomes. During the discussions, the Indian side was successful in safeguarding the interests of its sensitive sectors, especially agriculture and dairy sectors…,” Goyal said.
This agreement will provide new opportunities to labor-intensive sectors, small and medium businessmen, SMEs, industrialists, skilled workers and industries, the minister noted. “This will facilitate the reach of advanced technologies and help realize India’s ‘Make in India for the World’, ‘Design in India for the World’ and ‘Innovate in India for the World’,” he said.
On Monday, Trump had announced to reduce tariffs on India to 18 percent, adding that New Delhi would also take steps to reduce tariffs and non-tariff barriers against the US to zero. This drew cheers from Indian exporters, especially in labor-intensive sectors, as the US was India’s largest export market in FY25 with exports of $86.5 billion.
On the next course of action, the minister said both sides will work together to fulfill key processes related to the trade deal and finalize paperwork so that the full capacity of the deal can be utilized at the earliest. “The details of the agreement will be announced shortly after the conclusion of these processes…,” he said.
While Goyal did not directly refute Trump’s claim that India agreed to halt Russian oil purchases, he emphasized that the government had publicly said several times that securing the energy needs of 140 crore Indians is its top priority.
“In line with an objective market, conditions and changing geopolitical situation, diversifying energy sources is the basis of our working style…,” he said.
Published on February 4, 2026
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