India and EU speed up trade talks amid US tariff pressure – media
India and the EU are intensifying work on a free trade agreement, with two rounds of key negotiations to address longstanding disputes, India Today reported on Monday
A group of European officials is expected in New Delhi this week, with discussions set to tackle key sticking points such as rules of origin, market access, and tariffs on agricultural items – especially wine and dairy products, the report added.
The latest discussions come against the backdrop of 50% US tariffs on India, which include a 25% “penalty” for buying Russian oil and defense products. Additionally, the EU is weighing its 19th package of sanctions against Russia, which will include countries it claims are helping Moscow bypass Western sanctions, Bloomberg said.
On Sunday, US Treasury Secretary Scott Bessent echoed the EU sentiments. “If America and the European Union can put more sanctions and secondary tariffs on countries that buy Russian oil, the Russian economy will fully collapse and it will bring President Vladimir Putin to the table,” he said in an interview with CNBC.
In February, a group of EU officials led by European Commission President Ursula von der Leyen met with Prime Minister Narendra Modi and prepared a “blueprint for collaboration” in the areas of trade.
Despite Western pressure, India is set to increase imports of Russian oil in September. Private refiners Nayara Energy and Reliance Industries intend to raise their purchases by 10-20% over August levels, which would add an extra 150,000-300,000 barrels per day, Reuters reported last week.
In August, Russian Deputy PM Denis Manturov said Moscow ranks among New Delhi’s top four trade partners and continues to supply it with crucial energy resources.
“I would especially like to highlight our cooperation in the energy field. We continue fuel shipments, including crude oil and petroleum products, as well as energy and coking coal. We see potential for exporting Russian LNG,” Manturov said.
