Piyush Goyal stated that India aims to strengthen its energy security by increasing trade in fuel and nuclear energy with the United States. This will ensure diverse sources of fuel and open up new trade opportunities between the two countries. India made no comment on oil imports from Russia.
Fuel Trade with USA: India has emphasized the possibilities of enhancing cooperation with the United States in fuel and nuclear energy. Commerce and Industry Minister Piyush Goyal stated in New York that India aims to ensure energy security by increasing trade in fuel products with the US in the coming years. Additionally, cooperation in nuclear energy and critical minerals will also be pursued. No comments were made regarding oil imports from Russia, despite the US imposing higher tariffs on India last month. Goyal discussed issues of trade agreements and cross-border supply security with US officials.
Purpose of Enhancing Cooperation with the US
Piyush Goyal stated that India plans to increase fuel trade with the US in the coming years. He mentioned that the world recognizes energy security as an area where all countries should work together. Goyal also added that cooperation with the US will not only ensure diverse sources of fuel for India but also create new opportunities in other sectors.
He further clarified in his address that US participation is crucial for India's energy security goals. This will ensure trade stability and enhance the security of energy imports.
Discussions on Trade and Nuclear Energy
Piyush Goyal stated in New York that nuclear energy is also an area where India and the US can plan together. He mentioned that discussions have been ongoing in this sector for a long time, but some issues need to be resolved. Goyal indicated that India aims to increase cooperation in this sector by supporting private sector efforts.
Furthermore, the Minister emphasized the need to work towards ensuring the supply of minerals. He stated that India must diversify its sources and ensure that trade is not used for weapon manufacturing.
No Comment on Oil Imports from Russia
India has not yet made any explicit comments on the import of crude oil from Russia. This comes at a time when the US has imposed certain special duties on Indian imports. This includes a 25 percent tariff as a penalty for purchasing oil from Russia.
Several senior officials, including Goyal and External Affairs Minister S. Jaishankar, are currently meeting with the US side in New York. Their objective is to finalize important trade agreements between the two countries.
Meeting with US Officials
Piyush Goyal met with US Trade Representative Jamison Greer. During this meeting, they discussed trade-related issues and potential agreements between the two countries. US Secretary of State Marco Rubio also stated that significant progress has been made with India on the issue of oil purchases from Russia.
Climate Change and Trade
Goyal also reacted to the European Union's Carbon Border Adjustment Mechanism (CBAM). He stated that this could isolate the European economy and reduce the market share of their products. Furthermore, there is a possibility of increased inflation and a higher cost of living.
The Minister informed that India aims to strengthen its regulatory framework to ensure that there are no obstacles to cross-border trade. This will ensure both trade stability and security.
