New Delhi, Feb 3 (PTI) BJP MP and former envoy to the United States, Harsh Vardhan Shringla, on Tuesday termed the India-US trade agreement the "father of all deals" and hit out at the opposition raising questions over it, saying they have "got the wind knocked out of their sails".
India and the US agreed on a trade deal under which Washington will bring down the reciprocal tariff on Indian goods to 18 per cent, lower than that for countries like China, Bangladesh and Vietnam.
US President Donald Trump made an announcement regarding the trade deal on Monday after a phone conversation with Prime Minister Narendra Modi.
Shringla, who served as India's ambassador in Washington from 2019 to 2020, termed it a "historic deal".
"We know the broad contours of the deal... and the details will be worked out by officials", the Rajya Sabha member told PTI in the Parliament complex.
Countering the Congress' allegation that PM Modi has "completely surrendered" to appease Trump at the cost of India's farmers, Shringla asked if they were unhappy that Indian exporters will have an advantage or over the prospective success of 'Make in India'.
"What is important to know, and this is what the Opposition has to take note of, is that the figure that is being given: 18 per cent," he told PTI Videos.
Shringla pointed out that this figure, which would decide the scope of access for exports to the US, is lower than the figures for any other country which is a competitor of India -- lower than that of China, Vietnam, Indonesia, Pakistan or Bangladesh.
"That is a huge advantage to our exporters. We are going to see a surge in exports to the US. That is what the opposition should be happy about," he said.
Soon after the trade agreement's announcement late on Monday night, the Congress on Monday took a swipe at the Modi government, saying it appears Prime Minister Modi has "capitulated finally" and that this "cannot be the father of all deals".
Shringla questioned the intent of the opposition, asking, "Are you unhappy that your exporters have an advantage? Are you unhappy that your Make in India is going to be successful? Are you unhappy that your farmers and labourers are going to get more opportunities?"
"The opposition has got the wind knocked out of their sails, and they have nothing more to say," the BJP MP said.
This is a "historic deal", he asserted, adding that if the India-EU FTA was billed as the "mother of all deals", this is the "father of all deals".
Noting that a very significant chunk of India's exports would go to the European Union and the US, Shringla said, "I think we are on a very good footing."
India and the EU sealed a landmark free trade agreement on January 27 to create a market of two billion people, with PM Modi and the top EU leadership -- Ursula von der Leyen and Antonio Costa -- unveiling a transformative five-year agenda to largely leverage trade and defence in protecting the rules-based world order.