India-UK trade deal hailed as "gold standard" by Piyush Goyal, protecting sensitive sectors like dairy while boosting exports.
India-UK Trade Deal A Gold Standard for Dairy & Agri Protection
Piyush Goyal (ANI)

Goyal Hails Pact as Blueprint for Safeguarding Sensitive Sectors.

India’s Union Commerce Minister, Piyush Goyal, has lauded the recently signed India-UK Comprehensive Economic and Trade Agreement (CETA) as a “gold standard” for future trade negotiations. This landmark deal, inked on May 6, grants preferential access for a remarkable 99% of Indian exports to the UK, with the majority enjoying duty-free status. For the international dairy community and agribusiness analysts, Goyal’s emphasis on protecting “sensitivities” signals a strategic approach to global trade that prioritizes domestic interests.

A key highlight of the agreement, as stressed by Minister Goyal, is its success in safeguarding the sensitive sectors of both nations. While the pact opens avenues for increased trade, India ensured that its vital, labor-intensive sectors, including dairy, agriculture, and others crucial for subsistence farmers, remained protected from adverse competition. This firm stance reflects India’s commitment to its vast farming population and food security.

The India-UK deal serves as a significant template for India’s ongoing and future trade discussions, particularly in light of persistent pressure from the U.S. to open its agriculture sector. By successfully negotiating protections for its subsistence farmers and dairy producers with the UK, India has demonstrated a model for balancing trade liberalization with the imperative of national interest and the well-being of its rural economy.

In a reciprocal move, New Delhi granted some preferential access to certain British products, notably Scotch whisky and automobiles. This demonstrates a balanced approach to the trade agreement, where concessions are made in areas that align with broader economic objectives while maintaining strict safeguards for sectors deemed critical for domestic livelihoods and strategic importance, including the dairy industry.

For dairy producers, manufacturers, and trade policy makers globally, the India-UK CETA offers valuable lessons in crafting trade agreements that are both mutually beneficial and protective of national agricultural interests. It underscores India’s growing confidence in its negotiating position and its determination to shape trade deals that support its unique agribusiness landscape and the millions of dairy farmers who contribute to its economy.

Source: Hindustan Times: India-UK deal ‘gold standard’ for trade negotiation: Goyal

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