New Delhi — India and the United States have made progress in their ongoing trade negotiations aimed at resolving tariff-related issues, though New Delhi has made it clear that it will not rush into an agreement.
According to a senior official, India’s trade delegation — led by Commerce Secretary Rajesh Agrawal — held a series of constructive meetings with US officials in Washington last week.
While the US under the Trump administration had taken a firm stance on India’s purchases of Russian oil, New Delhi has assured Washington that Indian firms plan to increase imports of American oil and gas. As the world’s second-largest consumer of oil and gas, India’s additional imports from the US are expected to help narrow the American trade deficit — a long-standing concern for Washington.
Commerce and Industry Minister Piyush Goyal said the discussions are taking place in a “very cordial atmosphere” but emphasized that there is no fixed timeline for a deal.
“There will be no agreement unless we fully safeguard the interests of India’s farmers, fishermen, and MSME sector,” Goyal stated.
Last week, US President Donald Trump claimed that Prime Minister Narendra Modi had assured him that India would reduce its purchases of Russian crude oil.
Responding to the remarks, the Ministry of External Affairs (MEA) clarified that India’s oil and gas import policy is guided solely by national interest and consumer welfare amid a volatile global energy environment.
“India is a major importer of oil and gas, and our consistent priority has been to protect Indian consumers. Our policies are designed to ensure stable prices and secure supplies by broadening and diversifying our energy sources,” MEA spokesperson Randhir Jaiswal said.
He added that India has worked over the years to expand energy cooperation with the US, noting that the current administration has shown interest in strengthening this partnership.
Commerce Secretary Agrawal pointed out that India’s energy imports from the US, primarily crude oil, have declined from $25 billion to around $12–13 billion over the past seven to eight years.
“There’s a headroom of about $12–15 billion in additional energy imports from the US without affecting our refinery configurations,” he said.
He further noted that India remains committed to diversifying its energy portfolio, calling it “the best strategy for a major buyer like India.”
With inputs from IANS