NEW DELHI (TIP): India and the US continue to be committed to advancing their trade agreement despite a US bill that permits tariffs of up to 100 per cent on the top five buyers of Russian goods passing via the US legislative process, Commerce Secretary Rajesh Agrawal said on Thursday, August 13.
This is part of the ongoing US legislative process. We shouldn’t comment on that, in my opinion. When questioned about the bill and its possible effects on India, Agrawal responded, “That’s their internal process.”
We regularly communicate with the US side on trade agreements. Additionally, both parties are dedicated to the agreement that we have reached, he said, adding that both parties are fully committed to proceeding in that manner.
Agrawal’s remarks coincide with the US Senate passing a sanctions package against Russia that would allow the US President impose tariffs of up to 100 per cent on the top five importers of Russian gas and oil.
However, the US House of Representatives must yet review the proposal before it can proceed.
The US and India have been negotiating a bilateral trade agreement (BTA) that would benefit both countries. US Trade Representative Ambassador Jamieson Greer and Commerce and Industry Minister Piyush Goyal discussed important aspects of the deal, such as improved market access, digital trade, supply chain resilience, lowering non-tariff barriers, and collaboration in key areas, during his June 22-24 visit to New Delhi.
Both the countries acknowledged significant advancements made by their negotiating teams and reiterated their commitment to a fair, commercially significant agreement that offers real advantages to companies, farmers, laborers, and consumers in both nations.
India and the US reaffirmed their commitment to more extensive BTA negotiations in February while announcing a framework for an interim deal on reciprocal and mutually beneficial trade.
Earlier this week, US Presidential Counsellor Peter Navarro stated that Trump and Prime Minister Narendra Modi have a “very good working relationship” and would settle disputes pertaining to Russian oil tariffs.
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