New Delhi — India and the United States remain in regular contact over a proposed bilateral trade agreement and are committed to finalizing the framework agreed to earlier this year, Commerce Secretary Rajesh Agarwal said Thursday.
“Our sense is both sides are completely committed to move ahead and finalise the framework that was agreed in February, and the two countries are in regular contact on the issue,” Agarwal told reporters.
“We are engaged with the US side on the trade deal and our contacts are regular,” he added.
India and the United States made progress on the first phase of the bilateral trade agreement in February, but subsequent tariff and sanctions-related developments in Washington have added uncertainty to the negotiations.
Indian exports currently face an additional 10% duty under a Section 301 investigation related to alleged forced labor concerns.
The U.S. Senate has also passed sanctions legislation that would give President Donald Trump authority to impose tariffs of up to 100% on goods from major buyers of Russian oil, including India. Western governments have argued that continued purchases of Russian crude help finance Moscow’s war in Ukraine.
India’s imports of Russian crude have risen sharply and accounted for more than half of the country’s total oil imports in July.
Asked about the U.S. legislation, Agarwal described it as an internal American matter.
“It is a legislative process of the US, which is underway and is their internal process,” he said, declining to elaborate.
India has also expanded the number of countries from which it imports crude oil as it seeks to protect its energy supplies amid geopolitical instability. The number of crude suppliers has increased to 41 from 27 following the outbreak of the Iran war and the closure of the Strait of Hormuz.
India has similarly expanded its liquefied natural gas suppliers to 15 countries from six, with the United States now accounting for a significant share of those imports.
India imports more than 85% of its crude oil needs, making diversified energy sourcing increasingly important as the country seeks to reduce exposure to supply disruptions and volatility in global energy markets. (Source: IANS)
