New Delhi and Washington need to find a “landing ground” when it comes to trade concessions, Foreign Minister S. Jaishankar has said
Indian Foreign Minister S. Jaishankar has accused the US of “picking on” his country by imposing a punitive 25% tariff for New Delhi’s purchases of Russian oil, describing the measure as “unfair.”
Addressing policy experts at the Kautilya Economic Conclave on Sunday, Jaishankar said New Delhi has “issues” with Washington over trade matters, calling on the two countries to find a common “landing ground.”
“In addition, there is a second tariff which we have publicly said we regard as very unfair, which has picked on us for sourcing energy from Russia when there are other countries that have done so, including countries that right now have a far more antagonistic relationship with Russia than we do,” he said.
Washington’s punitive levies over New Delhi’s purchases of Russian oil took effect in August, and came in addition to a 25% tariff imposed on India after the countries failed to reach a trade deal.
🇮🇳EAM Jaishankar Calls Out US Over “Unfair” Tariffs Placed on Russian Oil at Kautilya Economic Conclave pic.twitter.com/gYGd4hFoQG
India has, however, refused to reduce its imports of Russian crude. Russia has been the South Asian nation’s leading oil supplier since 2022, and in September data from analytics firm Kpler showed that Russian crude accounted for about 1.6 million barrels per day (bpd) of Indian supplies, with a 34% market share.
On Sunday, Jaishankar emphasized that India should prioritize free trade agreements (FTAs) with countries that have stable and predictable economies, and with which India does not compete directly.
He said India is “pleased with the (FTA) with the UK” and is “serious about the EU FTA,” adding that the country is “striving for an understanding with the US.”
Top EU and US officials have pressured India to stop purchasing Russian oil, an act they claim fuels the Ukraine conflict.
At the last G20 Foreign Ministers’ Meeting on the sidelines of the UN General Assembly in New York in September, Jaishankar called out the “double standards” in the West’s attitude towards the energy, food, and fertilizer requirements of the Global South.
