Kanwal Sibal said imports may continue depending on pricing and sanctions status. “I don’t think it will go down to zero.” Oil available in the spot market from companies not under sanctions can still be bought if pricing is favourable.
India’s share of Russian oil in the crude basket has dropped from about 45% earlier to around 20% in January. This comes amid global sanctions and changing trade dynamics. The India-US trade agreement lowered tariffs on Indian exports to 18%, down from 50%.
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Sibal believes India is unlikely to make major concessions on agriculture. Some minor concessions had already been offered, but these do not affect India’s key positions in sectors like agriculture, dairy, and fisheries.
He also said global trade negotiations are influenced by multiple factors, including business pressure, strategic partnerships and ongoing trade talks with other regions. He said the final deal outcome reflects broader economic and geopolitical considerations.
For the full interview, watch the accompanying video
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