India will continue purchasing crude oil from countries where it is available at affordable prices and of high quality, while factoring in geopolitical shifts and avoiding sanctioned sources, the government told a parliamentary panel on Tuesday. Ministry of External Affairs and Commerce’s senior officials briefed the Parliament Standing Committee on External Affairs, chaired by Congress MP Shashi Tharoor.
The meeting included briefings by Foreign Secretary Vikram Misri, which was attended by 28 of the panel’s 30 members and lasted more than three hours. Tharoor said the meeting was productive. Further, officials answered every question in detail with confidence. “It was an extremely effective meeting and an example of what the committees can do.”
According to Tharoor, the meeting has a major discussion on the India-US interim trade deal and the India-EU Free Trade Agreement (FTA), covering issues ranging from Russian oil imports to agricultural products. The interim deal with the US is about to get finalised, and the necessary details will be disclosed once it is concluded.
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The US has reduced tariffs on Indian goods to 18%, down from 50%, including a 25% reciprocal tariff and the 25% tariffs on Russian oil purchases by India. Tharoor said, “India is among the countries which got the lowest rate”, stating that EU products would struggle with 15% tariffs, while UK products would face a 10% tariffs in exchange for zero tariffs on US exports.
