New Delhi, Feb 3 (NationPress) Commerce and Industry Minister Piyush Goyal stated on Tuesday that the trade agreement finalized by Prime Minister Narendra Modi with the United States stands out as the most beneficial among neighboring countries, aiming to safeguard the interests of the nation's farmers, the dairy industry, and fishermen.

During a press conference, he emphasized that the Prime Minister leveraged his rapport with US President Donald Trump to secure an advantageous agreement for India, prioritizing the country's national interests.

This trade deal is set to benefit labor-intensive sectors such as textiles, leather, seafood, and gems and jewellery, creating substantial export opportunities to the US. The engineering goods sector, which encompasses auto parts and other products, will also gain from this arrangement, he indicated.

Goyal further noted that the MSME sector, which generates the largest number of jobs in the economy, would experience advantages as reduced tariffs make exports from this sector more competitive.

He remarked that PM Modi successfully concluded this deal after protracted negotiations at various official levels that had made little progress.

It was crucial to finalize this trade agreement, as Indian exports of labor-intensive goods like seafood and textiles faced challenges due to the 50% punitive tariff imposed by the Trump administration.

"On behalf of 140 crore Indians, I extend gratitude to PM Modi because this deal will open numerous avenues for India's economic advancement, benefiting farmers, the underprivileged, fishermen, women, and youth," he stated.

Goyal also criticized Congress leader Rahul Gandhi, accusing him of misleading the nation and showing indifference towards India's progress.

"Leaders with negative mindsets, like Rahul Gandhi, are deceiving the country. They show no concern for the nation's advancement. The Congress administration reduced India to one of the weakest five economies, and if Rahul Gandhi has his way, he would revert the country to that condition," he alleged.

US President Trump announced on Monday a trade agreement with India that reduces US tariffs on Indian goods from 50% to 18% in exchange for India ceasing its purchases of Russian oil and easing trade restrictions. Trump shared the news on social media following a conversation with Prime Minister Modi, highlighting that India would begin sourcing oil from the US and possibly from Venezuela.

"Out of friendship and respect for Prime Minister Modi and at his request, we have agreed to a Trade Deal between the United States and India, wherein the US will lower the Reciprocal Tariff from 25% to 18% immediately," Trump posted on his social media platform Truth Social.