New Delhi: After LNG, the government is searching for the possibility of increasing fertilizer imports from the US as it wants to address concerns when US President Donald Trump’s trade balance is in India’s favor.
The move will help India to reduce its dependence on countries such as China and Russia, which are one of the top sources of shipment. In fact, like oil, fertilizer imports from Russia shot after restrictions on Moscow in view of Ukraine War. As a result, India’s trade deficit with Russia increased manifold.
India depends a lot on imported fertilizers during the last financial year, which is a price of $ 8.3 billion during the last financial year, a small share in the US, with the price of shipment $ 300,000. Last year, India had a trade surplus of more than $ 41 billion with the US in India, while its goods imports were $ 86.5 billion.
While the proposed bilateral trade agreement with the US will focus on reducing trade intervals by reducing tariffs, the government is also looking to import more American goods including defense equipment and oil and gas.
India is hoping that in exchange for the goods of America’s interests, including automobiles, whiskey and farm goods, it will be able to achieve better access to its labor-intensity, such as leather and textile products.
The sixteenth Finance Commission Chairman Arvind Panagari said that a deal with the US would “incredibly favorable”, which will help to attract investment and promote manufacturing by attracting investment and flagging labor and land reforms.
In an event organized by Isaac Center for Public Policy, he said, “India, if it actually interacts with the US on a trade agreement, will be a door wide to make a compromise with the European Union and the UK, which will give India an incredibly favorable place in the global trade equation,” he said in a program organized by Isaac Center for Public Policy. He said that trade ban by the US on China, Vietnam and Cambodia will keep India in a favorable position.
