“Details are currently coming out. We will study them and discuss them with you at an appropriate time,” Goyal said. US President Donald Trump on September 18 signed the Act, which authorises the President to impose tariffs of up to 100% on countries buying Russian oil and gas, including China and India.
The law comes into effect within 30 days of signing by the President and requires him to impose duties of up to 100% on goods imported from countries that are the top five purchasers of Russian crude oil or natural gas by total volume during the 12 months preceding enactment.
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Bilateral Ties
The minister also said that the country’s exports are growing at a healthy rate despite two ongoing wars and complications in the Strait of Hormuz, which is a key trading route, and have grown upwards of 15% in April-September 14, FY27. On the Comprehensive Economic Partnership Agreement between India and Canada, Goyal said that both sides have resolved to fast-track negotiations, with the fourth round of negotiations concluded on Friday. The fifth round will start on October 5. “So, you can see that as the progress is taking shape, the speed of negotiations with Canada is also improving… the next 90 days should be a very defining period in the Canada-India relationship,” Goyal said.
Also Read | India studying details of US tariffs on Russian oil buyers: Piyush GoyalIndia and Canada have a bilateral trade of around $8.5 billion, which they aim to expand to $70 billion by 2030. India’s goods exports were $4.67 billion to Canada in FY26 and imports were $3.29 billion. About the India-EU trade pact, Goyal said the agreement is expected to come into force in the coming months. He said the pact is expected to be ratified by the European Parliament in the next three months or so and is likely to come into effect within the next six to seven months.
“I believe in the coming few months, we will hear some good news,” he said about India’s trade pact with Chile.