India's Russian Oil Imports Most Pressing Issue In US Trade Talks, Say Sources

India's import of Russian oil has emerged as the most pressing issue in the ongoing trade deal talks with the United States, people familiar with the matter told NDTV Profit. The negotiations are being steered by the Office of the US Trade Representative (USTR).

Representatives from both sides aim at working towards a comprehensive deal covering both goods and services, the sources said.

The talks have been productive and "progressing well so far", the persons said, while adding that trade and visa-related issues are unlikely to be mixed, as US officials are keen to treat them as two separate subjects of discussion.

At the same time, Indian investments in the US are being viewed positively by American negotiators, who see potential for expanded bilateral economic engagement, according to the sources.

Both sides are said to be working on shaping the contours of a broader deal that would balance commercial interests while addressing strategic concerns.

This follows Union Commerce Minister Piyush Goyal's meeting with US Trade Representative Jamieson Greer in New York on Monday. Sources had told NDTV Profit that the meeting went "well".

Notably, the India-US trade talks resumed after a period of brief disruption, triggered by the imposition of 50% tariffs on New Delhi. This includes a 25% levy imposed on Indian imports to "penalise" the country for its continued purchase of Russian crude.

Both the countries recently agreed to step up efforts to conclude a mutually beneficial trade agreement at the earliest, following discussions between their trade teams in New Delhi.

The American delegation, led by Brendan Lynch, the US chief negotiator and Assistant US Trade Representative for South and Central Asia, arrived in New Delhi earlier in September.