Non-trade issues key in US-India trade deal

THE US ALSO wants India to open up markets for American farm and industrial products and also commit to buy more energy and defence products.

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Beyond trade, the US is expected to ask for concessions for its technology companies, such as unrestricted cross-border data flow, and relaxed e-commerce and intellectual property (IP) rules, as per Global Trade Research Initiative (GTRI). The US sanctions on Russian oil companies Rosneft and Lukoil, which together account for 57% of Russia’s crude output, has made imports of Russian crude untenable. The order warned that any company trading with them could face secondary sanctions.

The secondary sanctions extend far beyond trade restrictions. They can block access to the SWIFT payment system, freeze dollar transactions, and even cut digital services critical to refineries, ports, and banks.