India Advances US, EU Trade Deals

India is actively pursuing and finalizing major trade agreements with the United States and the European Union. Officials from the Ministries of External Affairs and Commerce briefed the Parliamentary Standing Committee on External Affairs, led by Shashi Tharoor, on these developments. The India-US interim trade agreement is expected to reduce tariffs on Indian exports from 50% to 18% and aims for a significant increase in trade volume. The India-EU Free Trade Agreement, dubbed the 'Mother of All Deals', will provide duty-free or reduced tariff access for nearly 99.5% of Indian exports to 27 EU countries, benefiting labor-intensive sectors and generating jobs. Concurrently, India reiterated its policy to import crude oil from countries offering the best quality and competitive prices, considering geopolitical situations and non-sanctioned sources. This includes new opportunities to purchase oil from Venezuela following the lifting of energy sanctions. These agreements are poised to enhance India's economic growth, strengthen its manufacturing sector, and improve market access for Indian products globally.