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The Ministry of External Affairs on Saturday clarified its position on the purchase of Russian Oil. This followed the US revoking the 25% additional tariff invoked on India for purchase of Russian Oil after concluding the announcement of a framework on a bilateral trade agreement.
In its statement the White House had said that India has "committed to stop directly or indirectly importing" oil from Russia, as per the framework of the bilateral trage agreement between the two countries. The Ministry of External Affairs specified that diversifying energy sourcing in line with objective market conditions and evolving international dynamics remains central to India's strategy to ensure energy security for its population of 1.4 billion. Responding to queries on India's energy security, the MEA spokesperson reiterated that safeguarding the country's energy needs is a top priority. "Insofar as India's energy sourcing is concerned, the government has stated publicly on several occasions that ensuring the energy security of 1.4 billion Indians is the supreme priority of the government," the spokesperson said. The MEA further underlined that all decisions taken by India in the energy sector are driven by this overarching objective. "Diversifying our energy sourcing in keeping with objective market conditions and evolving international dynamics is at the core of our strategy to ensure this," the spokesperson said. "All of India's actions are taken and will be taken with this in mind," he added. The US and India announced in a joint statement that they have reached a framework for an Interim Agreement on reciprocal, mutually beneficial trade (the Interim Agreement) and have agreed on its terms. According to the joint statement from the Ministry of Commerce and the White House, the US will apply a reciprocal tariff rate of 18 per cent on goods originating in India, including textiles and apparel, leather and footwear, plastic and rubber, organic chemicals, home decor, artisanal products, and certain machinery. Subject to the successful conclusion of the Interim Agreement, the US will remove the reciprocal tariff on a wide range of goods identified in the Potential Tariff Adjustments for Aligned Partners Annex to Executive Order 14346 of September 5, 2025 (Modifying the Scope of Reciprocal Tariffs and Establishing Procedures for Implementing Trade and Security Agreements), as amended, including generic pharmaceuticals, gems and diamonds, and aircraft parts. (ANI)
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