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 However, U.S. President Donald Trump rescinded a 25% tariff on Indian goods that had been imposed over New Delhi’s purchases of Russian crude, saying India had committed to stopping direct or indirect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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A blast at a fireworks factory in China's Hunan province has killed dozens of people and injured more than 60, prompting President Xi Jinping to call for a thorough investigation, state media reported on Tuesday.
Turkish Energy Minister Alparslan Bayraktar has warned that global energy supply disruptions caused by the ongoing Middle East conflict are likely to persist.
One of the region’s largest defence and aerospace exhibitions has opened in Istanbul, bringing together companies, officials and industry experts from around the world.
The eighth European Political Community summit brought dozens of world leaders to Yerevan, signalling Europe’s deepening interest in the South Caucasus.
A 77-year-old man and a 63-year-old woman were killed on Monday (4 May), after a man drove a car into a crowd on a pedestrianised street in the the eastern German city of Leipzig, authorities said.
Iran warned Armerican forces on Monday (4 May) not to enter the Strait of Hormuz, after the U.S. said it had launched a mission to try and reopen the sea passage. Meanwhile, Iran's Foreign Minister said there was no military solution to the Middle East conflict.
Tensions are escalating in the Gulf after new attacks linked to maritime security in the Strait of Hormuz. U.S. forces say they struck Iranian fast boats at sea following hostile manoeuvres, after Iran was blamed for an earlier attack on a UAE oil facility.
Medics are working to evacuate two people with symptoms of the deadly respiratory illness, hantavirus, from a luxury cruise ship being held off West Africa, after three people died and several others fell ill, officials have said.
Uzbekistan has unveiled a series of major economic and regional initiatives as more than 4,000 delegates from over 100 countries gather in Samarkand for the 59th Annual Meeting of the Asian Development Bank (ADB), held under the theme “Crossroads of Progress.”
A Russian overnight missile and drone attack on Ukraine’s gas production facilities has killed five people, including two rescue workers, Ukrainian officials said, as Kyiv and Moscow exchanged competing ceasefire proposals.
Sudan’s armed forces have accused the United Arab Emirates and Ethiopia of carrying out a drone attack targeting Khartoum airport, as a renewed wave of strikes shattered months of relative calm in the capital nearly three years into the civil war.
Start your day informed with the AnewZ Morning Brief. Here are the top stories for the 5th of May, covering the latest developments you need to know.
The International Atomic Energy Agency (IAEA) said on Monday (4 May) that meteorological monitoring equipment at the Zaporizhzhia nuclear power plant in south-eastern Ukraine had been damaged by a drone.
A blast at a fireworks factory in China's Hunan province has killed dozens of people and injured more than 60, prompting President Xi Jinping to call for a thorough investigation, state media reported on Tuesday.
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