Want mutually beneficial trade with US, says India

India has expressed its desire for a balanced and mutually advantageous trade relationship with the United States, as concerns arise over the potential impact of US tariffs on bilateral ties and an ongoing trade pact. The government emphasized on Friday that the possibility of up to 100% US tariffs on nations buying Russian oil carries consequences for the relationship.

Currently, annual trade between India and the US amounts to $240 billion, and both nations aim to increase this figure to $500 billion within the next few years. Despite efforts to conclude negotiations for a bilateral trade agreement, which began early last year, progress has been slow. An interim trade framework was finalized earlier this year, but recent legislation passed by the US House, approved by the Senate, to reduce Russia's energy revenue could further delay a comprehensive agreement.

The Ministry of External Affairs spokesperson, Randhir Jaiswal, stated that India remains committed to safeguarding its trade and economic interests. The government will collaborate with Indian trade and industry bodies to address the implications of the legislation. The US move, authorized by the Sanctioning Russia and Iran Act in Congress, to impose up to 100% punitive tariffs on goods imported from top five purchasers of Russian oil, could also have implications for bilateral ties and global energy markets.