Mumbai, Aug 7 (PTI) A day after the doubling of tariffs to 50 per cent by the US, a senior Indian diplomat on Thursday stated it is a “unilateral choice” devoid of any logic or motive, and added that negotiations are nonetheless occurring between New Delhi and Washington DC.
“It is a unilateral choice. I do not suppose there’s any logic or motive in the best way it’s completed,” Dammu Ravi, secretary for financial relations within the Ministry of Exterior Affairs, advised reporters right here.
“Maybe, it is a part we’ve to beat. The negotiations are nonetheless occurring. So, we’re assured that options can be discovered in the middle of time in taking a look at mutually useful partnerships,” he stated, whereas talking on the sidelines of an occasion right here.
Ravi stated the Ministry of Commerce is main the negotiation from the Indian aspect and hoped {that a} resolution can be discovered.
“We had been very near discovering an answer, and I feel that momentum has taken a brief pause, however it’s going to proceed,” he stated.
Ravi stated India and the US have been strategic companions having a complementary relationship for a while, and underlined that companies and leaders on each side are taking a look at commerce alternatives.
The excessive tariff won’t have any detrimental impression on the Indian business, Ravi stated, stressing that it’ll not “pull again” India Inc.
The Indian official stated each time any nation faces tariff “partitions”, it seems for brand new markets the place it could possibly commerce with and added that the Center East, Latin America, Africa and South Asia are among the many areas India will goal.
“If the US turns into tough to export to, you’ll robotically have a look at different alternatives,” he stated.
Underlining that every one international locations are impacted by the tariff selections being taken by US President Donald Trump, Ravi exuded confidence that options will evolve for the challenges.
“That is, for my part, a brief aberration, a brief drawback that the nation will face. In the middle of time, we’re assured that the world will discover options to it. Like-minded international locations will search for cooperation and financial engagement that can be mutually useful for all sides,” he stated.
The Trump administration shocked India late on Wednesday with an government order slapping an extra 25 per cent tariffs for importing oil from Russia, which takes the general tariff on Indian items to 50 per cent.
