India-US Trade Boost: Achieving Energy and Economic Growth

In a significant development, Union Minister Piyush Goyal announced an interim trade agreement between India and the United States, addressing vital energy requirements and promising to procure crude oil at more competitive rates. The move aims to expand trade between both nations to USD 500 billion by 2030.

During a media briefing, the Commerce and Industry Minister stressed that the bilateral agreement would encompass India's growing energy needs, including crude oil, LNG, and LPG. He highlighted India's status as the fastest-growing large economy, witnessing an annual energy demand surge of 7%.

The agreement will see a reduction in import duties, with the US slashing tariffs on Indian goods, and India lowering duties on US industrial, food, and agricultural products. This is expected to enhance India's IT export capabilities, valued at USD 200 billion, by enabling access to advanced American infrastructure, connectivity, and distribution products.