Commerce Secretary Rajesh Agarwal has said that India is in ‘regular contact’ with the United States (US) regarding negotiations for the proposed bilateral trade agreement (BTA). According to him, both countries are committed to the framework deal that was agreed upon in February, 2026. Besides, he said that a key benefit of a trade deal is that it brings greater stability and predictability in the trade relationship so that businesses can work along. In February, both countries finalised contours for the first phase of the BTA. However, changes in the tariff landscape in the US have led to further negotiations on the agreement between the two countries.
At present, the US has imposed an additional 10 per cent duty on Indian goods under a Section 301 probe on alleged forced labour concerns. On the issue of the United States of America’s Russian oil tariff bill, he said it is a legislative process of the US, which is underway and is their internal process.
Earlier this month, the US Senate voted overwhelmingly to approve a bill to punish Russia and key buyers of its petroleum products, such as China and India, claiming that such trade helps fuel the Ukraine war. This bill will allow US President Donald Trump to impose 100 per cent tariffs on goods from countries that are the top five importers of Russian oil and gas.
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