New Delhi [India], February 13 : Communist Party of India (Marxist) MP Amra Ram on Friday termed the India-US interim trade agreement a "complete surrender."
He warned that the deal would severely impact farmers and agricultural employment across the country.
Speaking to ANI, Ram said, "This is a complete surrender because the US previously had a 3% tariff on goods exported from India, but now it's 18%. The 6% tariff we previously imposed is now being reduced to zero. What greater surrender could there be?.. This will endanger the lives of a large portion of the country's population. Agricultural employment will be destroyed."
The India-US Interim Agreement, announced last week, is intended as a framework for a reciprocal and mutually beneficial trade pact between the two countries. The agreement will involve the elimination or reduction of tariffs on US industrial goods and a wide range of food and agricultural products, including dried distillers' grains, red sorghum for animal feed, tree nuts, fresh and processed fruit, soybean oil, wine and spirits, and additional products.
In return, the United States will apply a reciprocal tariff of 18 per cent on selected Indian goods, including textiles, apparel, leather, footwear, plastics, rubber, organic chemicals, home decor, artisanal products, and certain machinery. Upon full implementation, US tariffs on items such as generic pharmaceuticals, gems and diamonds, and aircraft parts will be removed.
The purchase of oil from Russia came under question as the White House, in a separate statement, said, "India has committed to stop directly or indirectly importing Russian Federation oil, has represented that it will purchase United States energy products from the United States, and has recently committed to a framework with the United States to expand defense cooperation over the next 10 years."
However, Foreign Secretary Vikram Misri on Monday clarified that "national interest" would continue to guide India's energy-related decisions, underlining that the key drivers of the country's energy policy are "adequate availability, fair pricing and reliability of supply", amid reports suggesting New Delhi is cutting its oil imports from Russia.
Speaking during a Special Briefing by the Ministry of External Affairs (MEA), Misri stated that decisions in the energy sector, whether by the government or businesses, would be guided by national interests, while clarifying the issue of actual sourcing.
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