New Delhi, Feb 3 (IANS) Commerce and Industry Minister Piyush Goyal said on Tuesday that the trade deal finalised by Prime Minister Narendra Modi with the US is the best among the neighbouring countries and will protect the interests of the country's farmers, the dairy sector, and fishermen. Addressing a press conference, he said that the Prime Minister had used his friendship with US President Donald Trump to clinch a very good deal for India, giving priority to national interest. The trade deal will benefit the labour-intensive sectors of the economy, such as textiles, leather, seafood, and gems and jewellery, as it opens up significant opportunities for exports to the US. The engineering goods sector, which includes auto components and other goods, will also benefit from the deal, he added.

The minister further stated that the MSME sector, which creates the highest number of jobs in the economy, would also benefit from the trade deal as the reduced tariff would make exports from the sector more competitive. Goyal said that PM Modi had clinched the deal, which was stuck in lengthy negotiations at the official and ministers’ level that were not producing results.  He contended that it was essential to finalise the trade deal as Indian exports of labour-intensive products such as seafood and textiles to the US were hit due to the higher punitive tariff of 50 per cent imposed by the Trump administration.

"On behalf of 140 crore Indians, I want to thank PM Modi because this deal will bring a lot of opportunities for India's economic growth, for farmers, poor, fishermen, women, and youth," he said. Goyal launched a scathing attack on Congress leader Rahul Gandhi, accusing him of misleading the country and lacking concern for India’s development. "Leaders with negative thinking, like Rahul Gandhi, are misleading the country. They have no concern for the nation’s progress. The Congress government reduced India to the fragile 5 economies, and if Rahul Gandhi has his way, he will take the country back to the same stage," he alleged.

US President Trump on Monday announced a trade deal with India that slashes US tariffs on Indian goods to 18 per cent from 50 per cent in exchange for India halting Russian oil purchases and lowering trade barriers. Trump announced the deal on social media following a call with Prime Minister Modi, noting that India would now buy oil from the US and potentially Venezuela.

"Out of friendship and respect for Prime Minister Modi and, as per his request, effective immediately, we agreed to a Trade Deal between the United States and India, whereby the United States will charge a reduced Reciprocal Tariff, lowering it from 25 per cent to 18 per cent," Trump posted on his social media platform Truth Social.

--IANS