India-US agreement to include India`s energy requirements: Piyush Goyal
Union Minister Piyush Goyal has said that the interim trade agreement reached between the Centre and the US will cover India’s energy requirements and enable the country to obtain crude oil at more competitive rates. He said that India and the US have decided to work towards increasing the annual trade between the two countries to $500 billion by 2030, and the government is working to meet this goal.
He said the proposed $500 billion trade would include India’s energy requirements, including crude oil, LNG and LPG. He mentioned ‘India is the fastest-growing large economy in the world, and its energy demand is rising by around 7 per cent annually. Increasing imports and having more suppliers would help India secure crude oil at more competitive prices.’
Earlier, India and the US announced that they had reached a framework for an interim trade agreement under which both sides will reduce import duties on a number of goods to boost two-way trade. The US will reduce tariffs on Indian goods from 50 per cent to 18 per cent, while India will remove or reduce import duties on all US industrial products and a wide range of American food and agricultural products.
