New Delhi: Union Commerce and Industry Minister Piyush Goyal has said the first tranche of the proposed India-United States Bilateral Trade Agreement (BTA) is ready for implementation once the United States ensures India receives a comparative advantage over competing economies.
His remarks came amid growing attention over a proposed US sanctions bill that could allow President Donald Trump to impose tariffs of up to 100 percent on imports from countries that continue purchasing Russian oil and gas, including India.
Speaking on the trade agreement, Goyal said the first phase of the BTA, announced by the leaders of both countries on February 3, has already been finalised. He stated that the agreement would come into effect once the United States restores the conditions necessary to give Indian exports an edge over products from neighbouring countries and the ASEAN region.
The minister expressed confidence that, once those conditions are met, the trade pact will be ready for implementation and will help India expand its exports while tapping into the vast opportunities offered by the US market.
Meanwhile, the US Senate has voted to begin consideration of a bipartisan sanctions bill aimed at increasing economic pressure on Russia by targeting its energy revenues. The proposed legislation would authorise the US President to impose tariffs on imports from countries that continue buying Russian oil and gas, while also introducing sanctions on Russian officials, financial institutions and the network used to transport Russian crude.
India has emerged as one of the largest buyers of discounted Russian crude since the Ukraine conflict began, placing it among the countries that could potentially be affected if the legislation is eventually enacted and the US President chooses to exercise those powers.
However, the bill has only cleared its first procedural stage in the Senate and is not yet law. It must still pass further legislative approvals before reaching the President. As of now, no additional tariffs have been imposed on India, and there has been no immediate impact on existing India-US trade arrangements.
