India-US Trade Deal Sparks Concerns Over Oil Imports and Tariff Reductions

Congress MP Jairam Ramesh criticizes the India-US trade framework, highlighting India's agreement to halt Russian oil imports and concerns over reduced import duties benefitting US farmers. The agreement outlines significant tariff changes affecting trade balances, emphasizing uncertainties in Indian exports and increased future energy imports from the US.

Congressman Jairam Ramesh has voiced sharp criticism over the newly announced framework governing the trade relationship between India and the United States. He expressed his discontent following reports that India has agreed to cease its oil imports from Russia, following confirmation from the White House.

Through a social media post, Ramesh commented on the reduction in import duties on agricultural products, which he argues overwhelmingly favors American farmers at the expense of Indian counterparts. The Congress leader went further to disparage Prime Minister Narendra Modi, suggesting that the diplomatic engagements have not yielded substantive gains for India.

The joint statement issued after the agreement unveiling indicates that India will eliminate or reduce tariffs on US industrial goods while intending to significantly expand its importation of US energy products over the next five years, highlighting the evolving dynamics and future implications of this trade framework.

(With inputs from agencies.)