India-US trade deal to help secure crude at competitive prices: Piyush Goyal
Times of India
by TOI BUSINESS DESKFebruary 15, 2026
AI-Generated Deep Dive Summary
The India-US interim trade agreement aims to secure competitive crude oil prices for India while boosting bilateral trade to $500 billion by 2030. Union Commerce and Industry Minister Piyush Goyal highlighted that the agreement will address India's growing energy needs, including imports of crude oil, LNG, and LPG. This collaboration is expected to diversify India's energy suppliers, ensuring more competitive pricing and enhancing supply security.
The trade deal reduces US tariffs on Indian goods from 50% to 18%, while India eliminates or cuts import duties on all US industrial goods and agricultural products. Goyal emphasized that the agreement ensures preferential market access for both nations, making it attractive for smoother trade pathways. This reciprocal arrangement positions India as a competitive buyer compared to other developing nations.
India's annual energy demand is rising by 7%, driven by its status as the world's fastest-growing large economy. Goyal noted that the deal allows Indian buyers to diversify sourcing strategies without external dictates, ensuring strategic interests are met through market-driven decisions.
Key sectors like steel and IT are also set to benefit. India currently produces 140 million tonnes of steel annually, with plans for significant expansion. The country imports coking coal worth Rs 1.5 lakh crore, a figure expected to double as demand grows. Access to US infrastructure and connectivity products will further support India's data center sector.
The agreement underscores the broader commitment to a Bilateral Trade Agreement launched in 2023 by former US President Donald Trump and Prime Minister Narendra Modi. It opens avenues for $500 billion in US energy, technology, and aircraft exports to India, enhancing economic ties while aligning strategic interests without compromising existing partnerships like Russian oil imports.
This deal not only strengthens India's energy security but also positions it as a key player in global trade, offering mutual benefits and fostering economic growth. For readers interested in international trade and energy dynamics, this agreement highlights the potential for competitive markets and strategic diversification, making it a significant milestone in India-US relations.
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Originally published on Times of India on 2/15/2026