A big update has come to light on the trade agreement between India and the US. Sources say that trade talks between the two countries are on track and this has developed a better understanding between the two countries. India and America are trying to find a comprehensive solution to all kinds of issues, including the purchase of tariffs and Russian oil. Meanwhile, India’s delegation returned to India after talks with America.
According to the Business Today report, this is not the sixth phase of business talks, but the two countries want to end the trade agreement as soon as possible. These conversations are taking place at high level, the sixth round meeting will be held later.
A team of senior officers, including Commerce and Industry Minister Piyush Goyal and Special Secretary of the Department of Commerce and Chief negotiator Rajesh Aggarwal, is in the US this week for efforts to carry forward talks for bilateral trade agreement. Goyal’s American travel is taking place soon after Brendon Lynch’s visiting New Delhi on 16 September and a day -long discussion with Aggarwal.
For the US, India’s purchase of crude oil from Russia remains a major concern and sources said that the discussion on it is still going on. The US has imposed a 25% tariff on India to continue buying crude oil from Russia, about which it believes that Russia has been a source of financing war on Ukraine. With 25% mutual fee, the total fee on India has increased to 50%, which is the highest on any country other than Brazil.
Addressing the US-India strategic partnership platform, Goyal indicated that India could buy more crude oil from America. However, sources emphasized that the recent increase in fees on H1B visas by the US is not only for India. This is a completely unrelated issue and its purpose is not only India, but the whole world, but with 20% of the world’s population, India is the most affected. The objective of hike H1B visa fees was not to affect India.
The US remains open for high -level skilled workers. However, in FY 2024, the H-1B visa recipients were more than 70% of Indians and the move is likely to have the most impact on the country’s IT region.
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