Mumbai:A day after the doubling of tariffs to 50 per cent by the US, a senior Indian diplomat on Thursday said this is a "unilateral decision" devoid of any logic or reason, and added that negotiations are still going on between New Delhi and Washington DC."This is a unilateral decision. I don't think there is any logic or reason in the way it is done," Dammu Ravi, secretary for economic relations in the Ministry of External Affairs, told reporters here.
"Perhaps, this is a phase we have to overcome. The negotiations are still going on. So, we are confident that solutions will be found in the course of time in looking at mutually beneficial partnerships," he said, while speaking on the sidelines of an event here.Ravi said the Ministry of Commerce is leading the negotiation from the Indian side and hoped that a solution would be found."We were very close to finding a solution, and I think that momentum has taken a temporary pause, but it will continue," he said.
Ravi said India and the US have been strategic partners having a complementary relationship for some time, and underlined that businesses and leaders on both sides are looking at trade opportunities.The high tariff will not have any detrimental impact on the Indian industry, Ravi said, stressing that it will not "pull back" India Inc.
The Indian official said whenever any country faces tariff "walls", it looks for new markets where it can trade with and added that the Middle East, Latin America, Africa and South Asia are among the regions India will target."If the US becomes difficult to export to, you will automatically look at other opportunities," he said.Underlining that all countries are impacted by the tariff decisions being taken by US President Donald Trump, Ravi exuded confidence that solutions will evolve for the challenges.
"This is, in my view, a temporary aberration, a temporary problem that the country will face. In the course of time, we are confident that the world will find solutions to it. Like-minded countries will look for cooperation and economic engagement that will be mutually beneficial for all sides," he said.The Trump administration stunned India late on Wednesday with an executive order slapping an additional 25 per cent tariffs for importing oil from Russia, which takes the overall tariff on Indian goods to 50 per cent.
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