India to study US Sanctions Act: Piyush Goyal
India will study the US sanctions act and its potential trade impact. Exports are growing at a healthy rate despite global complications. India and Canada aim to fast-track their economic partnership negotiations. The India-EU trade pact is expected to come into force soon. Good news is anticipated regarding India's trade pact with Chile.
New Delhi: Commerce and Industry Minister Piyush Goyal announced on Monday that India will be studying the US Lindsey Graham Sanctioning Russia and Iran Act of 2026 to assess its potential impact on India's economy. The Act, signed by US President Donald Trump on September 18, allows the President to impose tariffs of up to 100% on countries that are the top five purchasers of Russian oil and gas.
The law will come into effect within 30 days of signing and requires the President to impose duties of up to 100% on imports from these countries. Goyal stated that the country's exports are growing at a healthy rate despite ongoing wars and complications in the Strait of Hormuz, with exports increasing by more than 15% from April to September 2024.
Additionally, negotiations with Canada for a Comprehensive Economic Partnership Agreement are progressing, with the fifth round of talks set to begin on October 5. Goyal also mentioned that India's trade pact with the EU is expected to come into force in the coming months, and India's trade with Chile is also expected to expand.
Written by urgent.news from The Economic Times - Economy's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
