External Affairs Minister S Jaishankar said that any trade agreement between India and America is possible only when India’s ‘Laxman Rekha’ is honored. He said that there are many issues between the two countries, in which not to finalize business talks is a major reason. Jaishankar was speaking in a conclave, the theme was ‘Creation of foreign policy in the upheaval filled time’. He said that America is the largest market in the world and it is necessary to agree to the business agreement, but India’s sovereign priorities cannot be compromised. Jaishankar said that India has been improperly targeted for tariff controversy and energy purchase from Russia. He also said that the nature of war has changed today-now it has become ‘contactless’. The Foreign Minister said that America-China relations will determine the direction of future global politics. India’s policy is to create a ‘productive relationship’, but it is not that one relationship weakens the other. He expressed confidence that India would strongly face these global challenges.
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Negotiations continue about tariff
Jaishankar revealed that India is actively interacting on heavy tariffs, including 50% tariff on Indian goods and 25% tariff on procurement of crude oil from Russia. However, he made it clear that India’s basic concerns should be respected in any solution. Despite the tariff, Jaishankar hoped that stress would not affect all aspects of trade, and said that a large part of the Indo-US relations remains “business”.
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Free trade agreement challenges
The minister also spoke on India’s current free trade agreements (FTAs) with Asian economies and referred to the challenges created by competitive economies under these agreements. Some FTAs have inadvertently opened up ways to China due to the dynamics of the supply chain. Jaishankar insisted that India should focus on FTA with non-efficient economies for better security of its interests. Jaishankar admitted that India highlighted the urgent need for capacity building in both advanced and traditional manufacturing sectors to create an optimal economic balance in the manufacturing sector and to create an optimal economic balance.