US-India trade deal is almost at finish line: US Deputy Secretary of State Landau

The United States will work with India to make sure that its short and long-term energy needs are met, US Deputy Secretary of State Christopher Landau said on Thursday amid concerns over disruptions in flow of crude oil following the crisis in West Asia. Global oil and gas prices have surged after Iran has virtually blocked the Strait of Hormuz, a narrow shipping lane between the Persian Gulf and the Gulf of Oman, that handles roughly 20 per cent of global oil and LNG (Liquefied Natural Gas). India imports 88 per cent of its crude oil needs and roughly half of its natural gas requirement. These mostly come via the Strait of Hormuz. ''I hope India is thinking of alternate sources. I can't think of a better alternate source than the US, we want to cooperate with India,'' Landau said, speaking at the Raisina Dialogue. ''We will work with you to make sure that your energy needs are met in the short-term as well as the long-term,'' he said. Landau said the US is an energy-rich country and it can be part of India's energy solution. ''We look forward to partnering on that,'' he said. US President Donald Trump, while announcing a trade deal with New Delhi last month, claimed India has agreed to not procure crude oil from Russia. India has been maintaining that it will procure oil from multiple sources and diversify them to ensure stability in the supply chain with national interests remaining the ''guiding factor'' for the procurement. Landau also made a mention of the proposed trade deal between India and the US and said it is ''almost at the finish line now'', and can be the basis for unlocking ''almost limitless potential''. The US ''endgame'' in West Asia, he said, will be to ensure a region that is not a threat to other parts of the world. Landau said the Trump administration ''tried to talk sense into the Iranians, (but we) concluded this was not going to work''. ''These are unsettled days right now but I think this part of the world has been quite unsettled for quite a long time,'' he said. The Iranian people should decide on their leadership, and the US, India and other countries should work together to ''foster a transition'' that will allow the region to reach a ''new normal'', he said. Landau said President Trump's ''America First'' policy is aimed at making the US safer, stronger and more prosperous. ''That doesn't mean that we don't want to do things that also advance the interests of other countries,'' he said. Landau said this century is expected to ''see the rise of India'', and it is in the interest of the US to forge greater convergences and to be a ''partner with India's interests''. External Affairs Minister S Jaishankar met Landau on the sidelines of the Raisina Dialogue.