New Delhi [India], August 9 : The BRICS grouping is playing a key role in helping its members continue trade despite Western sanctions, Harvansh Chawla, Chairman of the BRICS Chamber of Commerce and Industry said on Friday.
Speaking about the growing economic cooperation between Russia and India, Chawla said Russia has been supplying crude oil to India at prices much lower than the global market rate.
He also highlighted the Ruble-Rupee trade arrangement between the two countries, which has simplified transactions and reduced dependence on Western financial systems.
"Russia was giving oil to India at a much discounted price than the international availability. Similarly, now the ease between Ruble-Rupee trade, which was an FTA between Russia and India, has ensured smooth facilitation of trade between Russia and India which, in a way, meant these sanctions imposed by UN and the US on Russia were getting diluted to some extent," Chawla said.
He noted that such arrangements are an example of how BRICS members support each other in the face of international restrictions. "That is where the BRICS countries come in play. That is where the BRICS members help each other and that is where the future and the vision of BRICS is implemented," he added.
When asked if the US is concerned about China and other BRICS nations, including India, taking the lead in pushing back against American trade measures, the US State Department said, "India is a strategic partner with whom we engage in a full and frank dialogue."
Responding to a question on the issue on Thursday during a press briefing, US State Department Principal Deputy Spokesperson Tommy Pigott said, "What I can say in terms of India is, the President has been very clear in terms of the concerns he has regarding the trade imbalance, regarding the concerns he has when it comes to the purchase of Russian oil. You have seen him take action directly on that. India is a strategic partner with whom we engage in a full and frank dialogue. That will continue."
The Indian government has already termed Washington's decision to impose an additional 25 per cent tariff on Indian goods over oil imports from Russia as "unfair, unjustified and unreasonable."
After the order, the total tariff on Indian goods entering the US will stand at 50 per cent. While the initial duty came into effect on August 7, the extra levy will be implemented after 21 days and will apply to all Indian goods imported into the US, except for those already in transit or meeting specific exemptions.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor