India-Rus Trade Agreement 2025: The talks on Indo-US trade agreement are going on. Even after leaving 50% tax on Russian oil purchases by the US, India is making trade agreements with many countries. India contributes 18% to global development.
India-Rus Trade Deal Talks: There is talks on bilateral trade agreement between India and America, Union Commerce Minister Piyush Goyal said. His statement came after the US imposed double tax on Indian products on purchasing oil from Russia. Speaking at an industry conference in Delhi, Goyal said that India is trying to make new trade agreements with countries such as the European Union, Chile, Peru, New Zealand, Australia and Oman, and has also signed an agreement with Britain and UAE. He also said that India contributes 18% to global development. The issue of 50% additional tax on Indian products will be important for this agreement.
According to Bloomberg report, informal conversation between India and the United States continues, and India’s US President Donald Trump has no intention of replying to 50% tax immediately. The US has also requested to reduce tax on American agricultural products like maize, soybean, apple, almonds, ethanol. However, India turned down the request as this would affect small farmers. US President Donald Trump said that after the US imposes 50% tax, India has offered to reduce tax on its products. It is not clear when this offer was made or the White House intends to resume the conversation.
After purchasing oil and defense equipment from Russia, the US imposed an additional 25% tax on Indian products on August 27. This is apart from the already existing 25% tax. This costs a total tax on Indian products in the US, which is a major setback for Indian exporters. For the past few months, the two countries were talking on trade agreement. The sixth round of talks on bilateral trade agreement were to be held in New Delhi on 25 August, but the US delegation canceled its visit. The goal of the two countries is to complete the first phase of dialogue by the end of this year. The agreement aims to increase bilateral trade from $ 191 billion to $ 500 billion by 2030.