New Delhi, Feb 3 (NationPress) India's trade agreement with the United States will not jeopardize the nation's agricultural and dairy industries, asserted Commerce and Industry Minister Piyush Goyal on Tuesday amidst significant opposition criticism.

Indicating that the opposition has expressed discontent before any tangible outcomes, Goyal emphasized that while preliminary discussions have concluded, the trade deal remains unsigned.

Both Washington and New Delhi will gain market access, although specific details are yet to be disclosed.

Such a partnership, if executed properly, has the potential to significantly enhance India's exports, expand market access, and highlight the strategic importance of ongoing collaboration between two of the world's largest democracies, according to industry leaders.

Previous tariffs had impacted India's export volumes to the U.S., with exports shrinking from $6.86 billion in August to $6.30 billion in October, while imports surged from $3.60 billion to $4.84 billion in the same timeframe.

Experts have noted that many aspects of the deal remain undisclosed.

Goyal reiterated that no American agricultural or dairy products will be granted access to Indian markets, as New Delhi aims to protect millions of small farmers and cooperatives from low-cost imports.

Instead, the minister stated, "this agreement opens up unparalleled opportunities for farmers, MSMEs, entrepreneurs, and skilled workers to Make in India for the world, Design in India for the world, and Innovate in India for the world."

While U.S. President Donald Trump claimed that India has consented to reduce its tariffs and non-tariff barriers on U.S. goods to near zero, he did not specify which sectors would be affected.

As Goyal mentioned, negotiation teams are still engaged in discussions.

On another note, a faction of farmer organizations expressed strong opposition to the India-U.S. trade agreement, branding it as a "total capitulation to Trump's threats" and a "surrender of India's national interests."

However, a statement from the Left-leaning All India Kisan Sabha remarked: “While we await official details on specific terms, including the timing of new tariffs, the reduction of trade barriers, and which U.S. products India has promised to purchase…,” the statement voiced its skepticism.

This statement coincided with Goyal's assertion that the deal protects sensitive industries while providing vast opportunities for exporters, farmers, fishermen, and youth.

Although the stock market and currency are not the only indicators of a trade deal's success, they do reflect general market sentiment.

By Tuesday afternoon, Indian markets rallied, and the rupee gained strength following President Trump's announcement of the India-U.S. trade agreement.

The Sensex rose by over 2,000 points, the Nifty increased by 639 points, and analysts noted that the rupee's rally indicated renewed confidence among foreign investors. Trump's social media post about reducing tariffs from an overall 50% to 18% lifted a considerable burden off investors' shoulders.

Two prominent industry organizations also welcomed the news.

Rajiv Memani, President of the Confederation of Indian Industry (CII), stated: "The anticipated reduction of U.S.-India tariffs to 18% represents a significant advancement in the strategic economic partnership between India and the U.S."

According to Anant Goenka, President of the Federation of Indian Chambers of Commerce and Industry (FICCI), lowering reciprocal tariffs on Indian goods "will considerably enhance the competitiveness of Indian exports in the world’s largest import market."