‘Very disappointing’: US Treasury Secretary Scott Bessent says Europe put EU-India FTA ahead of the Ukrainian people | World News

US treasury secretary Scott Bessent on Wednesday expressed disappointment with Europe while commenting on the European Union’s latest trade agreement (FTA) with India.

India and the European Union on Tuesday finalized a landmark free trade agreement that European Commission President Ursula von der Leyen hailed as the “mother of all agreements”.

In an interview with CNBC, Bessent said that Europe is buying refined products produced using Russian oil from India.

He also claimed that the EU was reluctant to comply with US tariffs on Indian goods due to ongoing trade negotiations.

Last year, the USA imposed an additional 25 percent customs duty on India, citing oil purchases from Russia.

Asked if the India-EU trade deal would threaten the US, Bessent said: “They (Europe) should do what’s best for them, but I have to say, I find the Europeans quite disappointing.”

The US treasury secretary said: “The Europeans were reluctant to join us (with higher tariffs) and it appeared they wanted to do this trade deal.”

He also added, “So whenever you hear a European talk about the importance of the Ukrainian people, remember that they put trade before the Ukrainian people.”

What is the India-EU Trade Agreement?

After almost two decades of complex negotiations, Prime Minister Narendra Modi, together with European Commission President Ursula von der Leyen and European Council President Antonio Costa, announced the conclusion of talks on the landmark agreement. The agreement connects 1.4 billion people in India with 450 million people in the EU’s 27 member states, creating a vast economic space worth approximately US$27 trillion, nearly a quarter of global economic output.

According to the agreement, import duties on approximately 96-99% of goods traded between the two sides will be reduced. India will gain greater access to key exports such as textiles, pharmaceuticals, leather products, gemstones, jewelery and seafood. Meanwhile, European countries will be able to export automobiles, machinery, chemicals and high-end consumer goods to India at more competitive prices.

India diversifies its trade

The deal comes at a time when India-US trade relations are tense, marked by disputes over tariffs on Indian goods and preferential trade benefits. These challenges have pushed India to look beyond the United States to diversify its economic partnerships.

Analysts say the deal with the EU offers India a chance to expand market access, reduce dependence on the United States and increase its influence in global trade negotiations.