Trade deal with US can be finalized by the end of this month, know what will be the benefit to India?

Washington: America has announced to impose 25 percent tariff on India, despite this India has not reduced its efforts to do a trade deal with America. India wants to do some such agreements with America so that there is a balance in trade and China does not get much benefit in this matter. India has made it clear that it will not take any hasty steps against America, but will try to finalize the trade deal. Experts say that the trade deal with America can be finalized by the end of this month.

What can be the agreement
If reports are to be believed, India and America can make a big consensus on the purchase of energy. However, there will be no mention of oil import from any other country in this. The Terms of Reference (ToR) for this trade deal between India and the US were finalized in March itself. On April 22, US Vice President JD Vance had announced during his visit to India that the final trade deal between the two countries is not far away.

The US team will reach India on August 24

India and the US have held talks several times face-to-face or in virtual mode regarding the trade deal. This process is now in the final stage and the final deal can be announced by the end of the month. An expert in the matter said that at present India and the US are talking in virtual mode. The sixth round of talks will be held by the end of this month. In this, the officials will sit face-to-face and try their best to resolve whatever differences remain. It is being told that the US team can reach India on August 24.

Let us tell you that on July 30, Donald Trump had announced tariffs on 68 countries including India. He decided to impose a 25 percent tariff on India. According to the post shared on social media, Donald Trump was upset with the relations between Russia and India. He wants India to stop trading with Russia. At the same time, India buys one-third of its total import oil from Russia. Trump had said, I do not care at all what India does with Russia. They can further worsen their dead economy, I do not care.

According to the US Energy Information Administration (EIA), Russia was India’s main energy source in 2023. India was importing 39 percent crude oil from Russia. At the same time, 19 percent was being imported from Iraq, 16 from Saudi Arabia, 5 from UAE and 4 percent from America. In 2022, America and the European Union imposed sanctions on Russia. At the same time, Russia started giving discounts to India. A person familiar with the matter said that there can definitely be so much compromise in this deal that India increases oil imports from America. However, India is strongly putting its side regarding the purchase of oil from other countries. India imports oil from about 40 countries including America, Central Asia and Russia. This policy of India will continue in future also.