US to delay action on oil sanctions |
India and the US won`t immediately escalate vexed trade-related issues and are expected to hold their position on all important matters till a new government is formed in New Delhi by the month-end. US commerce secretary Wilbur Ross too hinted the two sides will maintain their positions in his speech at the Trade Winds business forum, while raising the issue of trade imbalance with India. He said “We applaud India`s commitment to addressing some of these barriers once the government is reformed, probably starting in the month of June.” Election-bound India is expected to form a new government before the tenure of the current Lok Sabha ends on June 3. India`s main concerns include the US decision to enforce sanctions on oil imports from Iran, one of the country`s main energy suppliers, and the withdrawal of benefits under the Generalized System of Preferences programme. India has explained to the US that strategic matters, including trade-related issues, can be effectively dealt with after the new government is formed. Commerce minister Suresh Prabhu said he had “an excellent” meeting with Ross on Monday, during which they discussed “how to take this relationship to the next level”.
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