India's Strategic Energy and Trade Maneuvers: Parliament Briefed

India will persist in importing affordable, high-quality crude oil from non-sanctioned sources, considering geopolitical developments. The Indo-US trade deal and India-EU FTA are under discussion. Reciprocal tariffs with the US have reduced, promising economic prospects. Trade relations with the US, EU, and Bangladesh were key discussion subjects.

The Indian government is steadfast in its decision to import crude oil from cost-effective sources of superior quality, even as geopolitical shifts are considered. Top officials from the ministries of External Affairs and Commerce conveyed this stance to a parliamentary panel on Tuesday.

Discussions largely centered around the Indo-US trade deal and the India-EU Free Trade Agreement (FTA), addressing concerns like the revised reciprocal tariff rates imposed by the US, which have been markedly reduced to 18% from an initial 50% for Indian products.

The meeting underscored India's strategic positioning in global trade. It also highlighted a projected $500 billion purchase from the US over five years, with negotiations also touching on India-Bangladesh relations and lifted sanctions on Venezuela allowing broader oil sourcing.

(With inputs from agencies.)