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  3. India’s trade of goods will gain competitive advantage in US markets with reduction in tariff: Goyal

India’s trade of goods will gain competitive advantage in US markets with reduction in tariff: Goyal

09 Feb 2026 Evaluate

After India and US reached to a framework for an Interim Agreement regarding reduction in reciprocal tariffs (RTs) to 18 per cent, Commerce and Industry Minister Piyush Goyal has said that the country’s trade of goods will gain a competitive advantage in US markets compared to products from China and other competitor countries. He said India will be benefited as RTs on the country are now among the lowest compared to its competitor nations. These countries include China (35 per cent), Thailand (19 per cent), Myanmar (40 per cent), Cambodia (19 per cent), Bangladesh (20 per cent), Indonesia (19 per cent), Brazil (50 per cent), and Vietnam (20 per cent).

With lower tariffs, India's labour-intensive sectors, such as textiles, leather and footwear, handicrafts, chemicals, and gems and jewellery, will be more competitively priced in the US market compared to these nations. He added that the comparative advantage always gives a country an edge in global markets. He said ‘The important thing is competitive advantage. Even when we reduce our tariffs (for US goods), it's about competitive advantage’.

Separately, Goyal has said adequate safeguards are in place in the trade agreement with the US to protect the interests of farmers and the domestic industry from any significant increase in imports. The trade deal with the US will ultimately help the country’s farmers, who are already exporting $50-55 billion worth of agricultural and fish products. Meanwhile, India and the US have finalised a framework for the first phase of the bilateral trade agreement, which is expected to be signed by mid-March.

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