Congress Warns Govt Against ‘Hasty’ Trade Deals, Calls for Stakeholder Consensus

The Congress on Saturday urged the government to take all stakeholders and political parties into confidence before finalizing any trade agreements on tariffs. The party stressed the need to protect key sectors such as agriculture, dairy, poultry, and textiles while negotiating trade deals. It also insisted that measures like the Minimum Support Price (MSP) for agricultural products must be safeguarded to ensure food security.

Addressing a press conference at the All India Congress Committee (AICC) headquarters, Congress Working Committee (CWC) member and former Union Minister for Commerce, Anand Sharma, emphasized the need for India to explore trade opportunities beyond the U.S., advocating agreements with the European Union, the United Kingdom, Latin America, Africa, and Gulf nations.

Commenting on the global trade scenario, Sharma termed former U.S. President Donald Trump’s tariff impositions as “unfortunate” and warned that no country would emerge victorious in the ensuing “trade war.” He asserted that reciprocal tariffs could only exist between economies of similar stature, pointing out the stark economic disparity between the U.S. ($28 trillion) and India ($4 trillion).

Sharma also criticized unilateral tariff impositions, stating that such decisions go against the principles established under the General Agreement on Tariffs and Trade (GATT) and the World Trade Organization (WTO). He highlighted that no such move had caused such economic upheaval since World War II.

He urged the government to ensure transparency in bilateral trade agreements, stressing that any decision must not have long-term adverse effects on India’s economy. He also cautioned against making advance concessions before negotiations, arguing that all trade benefits should be negotiated bilaterally.

Proposing the formation of a National Task Force comprising experts in international trade and WTO affairs, Sharma emphasized that India must strengthen its trade relationships globally. He concluded by warning that the ongoing “World Trade War” would negatively impact poorer nations and that even the U.S. would not be immune to economic losses.

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