India’s trade minister said diversifying energy imports and expanding purchases of advanced technology from the United States would serve New Delhi’s strategic interests, as the two countries move closer to finalising a long-awaited trade agreement.
Speaking on Sunday, Indian Trade Minister Piyush Goyal said buying crude oil, liquefied natural gas (LNG) and liquefied petroleum gas (LPG) from the United States helps India reduce dependence on limited suppliers, while stressing that sourcing decisions are made independently by energy companies.
Goyal said trade agreements do not dictate who buys what, but instead aim to ensure smoother trade flows and preferential access.
India and the United States took a step toward a trade pact on Friday after releasing an interim framework designed to lower tariffs, reshape energy ties and deepen economic cooperation, as both countries seek to realign global supply chains.
The joint statement did not explicitly reference Russian oil. However, U.S. President Donald Trump rescinded a 25% tariff on Indian goods that had been imposed over New Delhi’s purchases of Russian crude, saying India had committed to stopping direct or indirect imports from Russia. India has not formally announced any decision to halt such imports.
India emerged as the largest buyer of discounted Russian seaborne crude following Russia’s invasion of Ukraine in 2022.
Goyal also highlighted India’s growing demand for U.S. technology products, saying the country expects to require between $80 billion and $100 billion in civil aviation-related goods alone, alongside rapidly rising energy consumption.
He said India’s push into data centres, artificial intelligence (AI) and quantum computing would require massive volumes of information and communication technology products. India currently imports around $300 billion worth of such products annually, a figure expected to rise sharply.
Over the next five years, India estimates it will need up to $2 trillion worth of technology-related imports, with the United States well positioned to supply high-quality products at competitive prices, Goyal said.
Under the interim framework, India has agreed to purchase $500 billion worth of U.S. goods over five years, including advanced technology products such as graphics processing units used in AI applications and equipment for data centres.
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Following the U.S.-Israel strikes, Iran has called for an urgent meeting of the United Nations Security Council to be held on Monday (2 March), and vowed strong retaliation to the attacks. Touraj Shiralilou sent this update from Tehran.
Tensions between the U.S. and Iran are escalating, with Washington ordering a significant military build-up in the region and multiple countries evacuating diplomatic staff amid fears of further instability.
Speaking during a closed-door deposition in New York on Thursday (February), former U.S. Secretary of State Hillary Clinton said she did not “recall” ever meeting the late sex offender Jeffrey Epstein and had “no knowledge of his crimes”.
Pakistan’s declaration of an “open war” with Afghanistan must be understood in the context of months of escalating violence, regional analysts have said, describing the latest developments as a significant shift in the nature of the conflict.
Follow the latest developments and global reaction after the U.S. and Israel launched “major combat operations” in Iran, prompting retaliation from Tehran.
Tensions between the U.S. and Iran are escalating, with Washington ordering a significant military build-up in the region and multiple countries evacuating diplomatic staff amid fears of further instability.
Two people were killed and around 40 injured when a tram derailed in central Milan on Friday (27 February), a spokesperson for the local fire service said.
Iran’s top diplomat said that the next round of nuclear talks is expected in less than a week after what he described as “progress in the most serious exchanges” between Tehran and Washington. The statement follows the third round of nuclear talks on Thursday (26 February) in Geneva.
Pakistani air strikes hit a weapons depot on the western outskirts of Kabul overnight, triggering hours of secondary explosions that rattled homes across the Afghan capital and left residents fearing further violence.
A senior Iranian official has warned Israel to “prepare for what is coming”, insisting that Tehran’s response to the latest escalation in the Middle East will be made openly and without limits.
Cuba has released extensive details of a deadly midweek shootout at sea, showing rifles, pistols and nearly 13,000 rounds of ammunition that it says were carried by a group of exiles who attempted to enter the island by speedboat.
Afghanistan’s Taliban rulers said on Friday (27 February) they were ready to negotiate after Pakistan bombed their forces in several Afghan cities, including Kabul and Kandahar, and Islamabad declared the neighbours were now in "open war".
Tensions between the U.S. and Iran are escalating, with Washington ordering a significant military build-up in the region and multiple countries evacuating diplomatic staff amid fears of further instability.
Two people were killed and around 40 injured when a tram derailed in central Milan on Friday (27 February), a spokesperson for the local fire service said.
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