India and the US Work Toward New Trade Agreements Amid Tensions Over Russian Energy
In recent talks, India is working to build closer trade ties with the US despite some ongoing disagreements. Union Commerce Minister Piyush Goyal shared that India is in discussions with Washington to create a new bilateral trade deal. This comes after the US imposed hefty tariffs on India, especially over Indian purchases of Russian energy.
Goyal explained at an industry event in New Delhi that India is aiming to negotiate a fair trade agreement with the US. The US slapped a 50% tariff on India last month, including a 25% punitive duty on Russian oil imports, which affected trade relations. Despite these challenges, India remains hopeful to restart negotiations. The sixth round of talks was supposed to happen on August 25 in Delhi, but the US canceled the visit.
India’s Trade Minister emphasized that the country’s approach to free trade agreements is driven by national interest and the needs of Indian industries. He added that India’s negotiations are based on mutual respect and understanding. “When we do trade deals, I focus on protecting India’s interests,” Goyal said. “Every country has sensitivities, and we respect that.”
Despite recent hurdles, Goyal highlighted the importance of India-US relations. He said that India is a resilient and dynamic economy with many opportunities as the world’s fastest-growing market.
Meanwhile, the US Treasury Secretary Scott Bessent expressed optimism about resolving trade issues soon. He told Fox Business that both countries are committed to working things out. Bessent also noted that India, as the world’s largest democracy, shares values closer to the US and its allies than to Russia. “I believe these two great nations will find a way forward,” he added.
Overall, efforts continue on both sides to strengthen trade ties and find solutions to recent tensions, especially around energy and tariffs.
