India-US Trade Talks to Focus on Energy Security, Resolving Tariffs

 New Delhi: The ongoing talks between India and the United States are expected to ensure price stability and diversified sources of energy for India that will help the country unlock limitless possibilities with the US on various fronts. The discussions between the two large economies will not only resolve the present trade tariff issues but also non-trade issues, a top government official said on Wednesday.

As the team led by commerce and industry minister Piyush Goyal is in the US for trade talks, India expects to increase its trade with the US in energy products in the years to come, and the country's energy security goals will have a significant element of US involvement. “The minister accompanied by senior officials of the ministry, including special secretary and India’s chief negotiator Rajesh Agrawal, are exploring all possible options to seal a deal before November this year,” the official said.

“Talks between the top officials in both India and the US are happening at different levels. We expect there will be stability and diversified sources of energy for India that will help us unlock limitless possibilities with the US on various fronts. The minister pushed India’s energy security goals, which will have a significant element of US involvement in our country as we are big players in the energy field,” the official said.

Goyal has held discussions with his US counterpart on several bilateral issues. In his keynote address, the minister also said that India expects to increase our trade with the US on energy products in the years to come. “Clearly, the world recognises that (energy security) is one area where we all have to work together. India is a big player in the energy field. We are big importers of energy from across the world, including from the US,” the minister said.

Goyal also stressed that another area where India and the US can work together and plan to work together is nuclear power. “It’s an area that we’ve been talking about for a long time. There were certain elements, which needed to be set right. And I believe we are working in India to support private efforts on nuclear power,” he said.

“I think the best way forward for all of us is to ensure resilient critical mineral supplies, see how we can diversify our sources to ensure that trade is not weaponised. We have to work on creating infrastructure, particularly transmission grid infrastructure within countries and across borders, which can become the backbone of clean energy transition for different nations,” he added.

On September 16, the commerce ministry stated that the daylong discussions with the visiting US team on a bilateral trade deal were positive, and both sides agreed to push for an early and mutually beneficial conclusion of the agreement. The visit of the high-ranking US trade officials came for the first time after the imposition of a 25 per cent tariff and an additional 25 per cent penalty on Indian goods entering the American market for buying Russian crude oil.