NEW DELHI: India underlined its interest in a “balanced and mutually beneficial” trade relationship with the US, amid concerns over the likely impact of the tariff firestorm on bilateral ties and the trade pact under discussion. Govt Friday reiterated that a possible imposition of up to 100% US tariffs on nations buying Russian oil is fraught with consequences for bilateral ties.India-US annual trade now stands at $240bn and the two sides are looking to ramp it up further to $500 bn in the next few years. However, India and the US have not been able to conclude negotiations for a bilateral trade agreement that started early last year.Both India and US indeed finalised an interim trade framework earlier this year but the latest legislation passed by the House to squeeze Russia’s energy revenue, with prior approval from the Senate, can potentially further delay a comprehensive final agreement.“We have made clear our determination to take all necessary measures to protect our trade and economic interest… govt will work closely with Indian trade and industry bodies to deal with the implications of developments related to the legislation,” said MEA spokesperson Randhir Jaiswal. “Our interest in a balanced and mutually beneficial trade relationship with US needs no repetition.”Taking note of the passage of the Sanctioning Russia and Iran Act in the US Congress that authorises the US president to impose up to 100% punitive tariffs on goods imported from top five purchasers of Russian oil, Indian govt had said Thursday that the US move will potentially have implications for bilateral ties as well as global energy markets.
