America’s Deputy Secretary of State Christopher Landau has said that the ongoing trade deal between India and America has now almost reached the final stage. He expressed hope that this agreement can open big economic opportunities for both the countries. Speaking at a session of the Raisina Dialogue held in New Delhi, Landau said that the US is very excited about this agreement and the economic and strategic cooperation between the two countries can become stronger in the coming years.
Emphasis on security and strategic partnership
In a session organized on the topic Power, Purpose and Partnership: American Foreign Policy in a New Era, Landau said that India and America share many important security interests. This includes issues like fighting terrorism and freedom of sea lanes. He said that the coming few years can prove to be important in strengthening the relations between the two countries and this will create a strong foundation of cooperation for decades.
Cooperation may increase in energy sector
Landau said that India should look at America as a strong alternative energy source. America is a country rich in energy resources and it is ready to increase cooperation with India in this field. He said that America can help in meeting the short and long term energy needs of India. As India is trying to diversify its energy sources, America can become an important partner.
Trade agreement will open up big opportunities
In February, India and America had announced the outline of the first phase of a bilateral trade agreement. Under this agreement, America has said to reduce the retaliatory tariff imposed on Indian products from 25 percent to 18 percent. Besides, 25 percent additional tariff imposed on India for purchasing crude oil from Russia has also been removed. Both countries have also agreed to reduce import duties on many industrial and agricultural products.
Under this agreement, India is planning to buy energy products, aircraft and their parts, precious metals, technology products and coking coal worth about $500 billion from America in the next five years. However, the proposed meeting to finalize the legal draft of the agreement has been postponed for now.