India-US trade deal to give New Delhi competitive edge over Bangladesh, Vietnam: Ex-NITI Aayog chief Amitabh Kant

Former G20 Sherpa and ex NITI Aayog CEO Amitabh Kant on Saturday hailed the India-US trade deal as the two countries released a joint statement on a mutually beneficial Interim Agreement aimed to unlock new opportunities for them.

In a post on X, Kant said that the India-US interim trade deal gives New Delhi an edge over rivals like Bangladesh and Vietnam as tariffs on Indian gods get slashed to 18%.

“India and the US interim trade deal slashes US tariffs on Indian goods to 18% from a severe 50%, unlocking massive opportunities for our exporters in textiles, pharma, gems, footwear and more,” the former NITI Aayog CEO said.

Amitabh Kant further said that India will be able to secure its agriculture and dairy sectors, while creating lakhs of job opportunities.

“India gains a competitive edge over rivals like Vietnam and Bangladesh while protecting our agriculture and dairy sectors, creating lakhs of new jobs (specially for women and youth), and powering digital infrastructure and Make-in-India initiatives,” he said.

Kant called the move a strategic win for India and credited PM Narendra Modi for the India-US trade deal. He also thanked Commerce Minister Piyush Goyal as well as Commerce Secretary Rajesh Agarwal for their hard work.

He said that the India-US trade deal will also strengthen the rupee.

“This is a strategic win that strengthens supply chains against China and supports Rupee stability. Mutually beneficial bilateral relationships is a key step towards Viksit Bharat,” Kant said.

India-US trade deal: Interim Agreement signed

India and the US announced a framework for an Interim Agreement on 6 February regarding reciprocal and mutually beneficial trade.

As per the joint statement, the US will apply a reciprocal tariff rate of 18% on Indian originating goods, including textiles and apparel, leather and footwear, plastic and rubber, organic chemicals, home decor, artisanal products, and certain machinery.

The joint statement said that the framework reaffirms the countries' commitment to the broader Bilateral Trade Agreement (BTA) negotiations that were launched in February 2025.

The deal was announced by the White House and Commerce Minister Piyush Goyal.

Addressing a press conference later on Saturday, Goyal said today will be “etched in golden letters.”

Highlighting the key achievement of the deal, the commerce minister said, “A $30 trillion economy is now open to our exporters. This joint statement gives every Indian citizen an opportunity for new hope, enthusiasm, and new resolutions. The 50% tariff that Indian exporters faced will now be only 18%. We will have the lowest tariffs compared to our neighbouring countries. Exporters of gems and pharmaceuticals will face zero duty in the US.”