"Exports to US will increase significantly," says former FS Harsh Vardhan Shringla

Shringla, while talking to reporters, said that Indian exports to the US are going to increase very significantly.

"This is a very important deal because it comes soon after we have concluded the mother of all deals with the European Union, 27 countries. After that, trade deal with the United States I think has given our exporters, our small industrialists, our farmers and our labourers a great advantage over our competitors. So I would say that our exports to the United States are going to increase very significantly," he said.

"We will have very good market access to a large market of 30 trillion dollars. Combined with the EU, we will have a market of almost 60 trillion dollars. And I think this is very good news for all of our people, especially our youth, as the Prime Minister said in Parliament just the other day," he added.

Earlier in the day, External Affairs Minister S Jaishankar lauded the India-United States interim trade agreement, stating that the deal will ensure greater market access for Indian exporters.

In an X post, Jaishankar said the agreement will support the Centre's 'Make in India' vision.

"The framework for an Interim Agreement will realise a mutually beneficial India - US trade partnership. The framework will ensure greater market access and opportunities for our exporters. New vistas have opened up that will further promote Make in India," the EAM said.

The two nations announced a framework for an Interim Agreement on reciprocal, mutually beneficial trade, a step toward advancing the broader US-India Bilateral Trade Agreement (BTA) negotiations launched by Prime Minister Narendra Modi and President Donald Trump in February 2025, according to a joint statement released by the White House and the Commerce Ministry.

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