economy
January 27, 2026
U.S.-India trade deal at 'very advanced stage,' Indian petroleum minister tells CNBC
A much-anticipated trade deal between India and the U.S. is at "a very advanced stage," India's oil and natural gas minister told CNBC Tuesday.
TL;DR
- India's trade deal with the U.S. is described as being in a "very advanced stage."
- India announced a landmark trade deal with the European Union.
- India supports a multilateral trading system.
- The U.S. has maintained punitive tariffs on imports from India and the EU.
- The U.S. imposed a 50% levy on Indian imports, partly due to oil purchases from Russia.
- U.S. Treasury Secretary Scott Bessent criticized the EU for signing a trade agreement with India.
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