Piyush Goyal: MEA to Clarify Russian Oil Imports Amid US Monitoring Claims and Trade Deal
Union Commerce Minister Piyush Goyal stated the MEA would clarify India's Russian oil imports after the White House claimed India consented to US oversight and cessation of purchases. India has not formally verified this, leading to Congress criticism of the Modi government. Simultaneously, Goyal detailed an interim US-India trade deal, ensuring zero-duty exports for Indian agricultural products to the US, no concessions for US agri-products in India, and strict exclusion of genetically modified food, alongside reciprocal tariff adjustments.
Union Commerce Minister Piyush Goyal announced that the Ministry of External Affairs (MEA) would provide clarity on India's Russian crude oil imports. This statement follows a contentious White House claim that India had committed to stopping direct or indirect Russian oil purchases, agreeing to US oversight, and prioritizing US energy products as part of an interim trade deal. Despite the White House's assertion, the Indian government has not issued any formal verification of such a pledge. The Congress party, particularly General Secretary Jairam Ramesh, strongly criticized the Modi government, alleging that it accepted US surveillance over India’s Russian oil imports as a component of the preliminary trade framework, potentially risking a 25% tariff penalty if India imported Russian oil. Washington and New Delhi have established a framework for a temporary bilateral trade agreement. Under this arrangement, the US will implement an 18 percent tariff on various Indian products, including textiles, garments, leather, and industrial equipment. Conversely, the US will eliminate duties on specific items like generic medicines, precious stones, and aerospace components. Piyush Goyal emphasized the safeguarding of Indian farmers within the trade accord, promising zero-duty exports for Indian agricultural products to the US while granting no tariff concessions for US agricultural imports into India. He also mentioned opening markets for products like Distiller's Dried Grains with Solubles, wines, and spirits with minimum import prices, and explicitly stated that genetically modified food would not be permitted in India.
