US and India Close In on Trade Deal Amid Focus on Strategic Autonomy

The United States announced an ‘interim’ trade deal with India earlier this month — reducing tariffs to 18% and conditionally lifting a stringent 25% cess on the purchase of Russian oil. Officials will head to Washington next week amid efforts to finalise the legal agreement between the two countries. Commerce Secretary Rajesh Agrawal said India was looking to sign the trade deal in March. “The joint statement lays down the contours of the deal. Now the contours of the deal has to be translated into a legal agreement, which will be signed between the two sides. Next week (India’s) chief negotiator Darpan Jain will be leading a delegation to the US to finalise the legal trade agreement,” he told reporters. India reiterated its call for “strategic autonomy” on Saturday amid continued insistence from the US that New Delhi had ‘agreed’ to stop purchasing Russian oil. External Affairs Minister S Jaishankar issued the statement amid continued pushback from the Opposition and allegations that the government had ‘surrendered’ to Washington. “We are very much wedded to strategic autonomy because it’s very much a part of our history and our evolution. It’s something which is very deep, and it’s something which cuts across the political spectrum as well,” he told the Munich Security Conference. The Minister noted that the global oil market was complex and ever-changing — adding that countries were now required to constantly reassess their calculations and partnerships. Jaishankar said that commercial considerations would continue to guide procurement decisions for India. He added that while the country may not agree with all partners on every issue, dialogue and a willingness to find common ground remain important.