- A trade deal between India and the US could materialize soon, says FM Jaishankar
- India aims to protect workers, farmers, and the middle class in trade negotiations
- There is no communication gap between India and the US on trade issues, he says
A trade deal between India and the US could become a reality soon, Foreign Minister S Jaishankar said on Saturday, warning that in diplomacy a turnaround is always possible. But India must stand up for its interests, he told NDTV's CEO and Editor-in-Chief Rahul Kanwal at the HT Leadership Summit this morning.
"We believe there can be a landing point for our respective trade interests. It is something that will be negotiated hard. For us, the interests of the workers, farmers, and the middle class matter. When we look at the trade agreements with the US, we must be extremely judicious with our position," said the foreign minister.
Jaishankar ruled out any lack of communication with Washington and stressed the need to engage to clear the differences. He said that trade was the most significant issue in the India-US ties, sounding confident of a reasonable point of agreement.
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"It's (trade talks) something that has gone through multiple rounds. We have to see when the call is taken and on what terms. If you ask me if it could happen soon, my answer would be sure, (it's) very possible. If you say, well, maybe soon, may take a little longer, maybe, I don't know," he added.
He, however, refused to draw a timeline for the deal, observing that when it comes to diplomacy, "You're always optimistic, but suddenly things can turn around. It can turn around in one weekend."
Every American president had their unique approach, but President Donald Trump's ways are radically different than his predecessors, he pointed out.
President Trump had in the past criticised the trade deficit with India, with the two countries negotiating hard over the past few months to strike a comprehensive trade deal.
The dilemmas over the deal include India's opposition to several key aspects, including opening the country's vulnerable dairy and poultry markets to foreign players.
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The US has also been pressing India to open its markets to American agricultural products like corn, soybeans, wheat, ethanol, fruits, and nuts. India, being an agrarian economy, has held back on providing such access. Such demands crossed the "red line" for India, the government had said.
The major reason behind India's pushback is that the US mostly grows genetically modified corn and soybeans. India does not allow the import of GM food crops and considers them harmful to human health and the environment.
Dairy is another very sensitive sector that provides livelihood to millions of people in the country. Several small and landless farmers depend on this sector, with dairy helping them sustain erratic monsoons or fluctuations in crop production.
Prime Minister Narendra Modi too has declared in the past that India won't compromise on the interests of farmers.
