NEW DELHI: Govt on Wednesday said it is committed to a fair and balanced trade deal with the US while assuring that it will protect the interests of farmers, small businesses and entrepreneurs.“Govt has taken note of a statement by the US President on bilateral trade. Govt is studying its implications. India and US have been engaged in negotiations on concluding a fair, balanced and mutually beneficial bilateral trade agreement over the last few months. We remain committed to that objective.”“Govt attaches the utmost importance to protecting and promoting the welfare of our farmers, entrepreneurs, and MSMEs. Govt will take all steps necessary to secure our national interest, as has been the case with other trade agreements, including the latest Comprehensive Economic and Trade Agreement with the UK,” an official statement said.While negotiations for a bilateral trade agreement will continue, with the next round of talks scheduled from Aug 25, govt will stick to its stand against lowering barriers for agricultural and dairy products, especially genetically modified varieties of maize and soybean.In fact, the reference to the UK treaty was seen to reiterate govt position on agriculture being a sensitive sector and also an indication that India was willing to open up some of the other sectors in a calibrated manner, provided it got a good deal in return.Govt had reservations as American authorities sought all round opening up for their exports without allowing duty-free export of Indian textiles, footwear and lower-end auto parts.From all available indications, at one point it appeared that a deal was in sight and the US team was also keen to announce it, but govt officials insisted that an agreed text should be in place before the two sides went public. The idea was also to ensure that a mutually agreed deal was announced instead of one side claiming victory as has been the case with some countries.