New Delhi [India], February 4 (ANI): Former Indian diplomats on Tuesday welcomed the India-US trade agreement, calling it a positive and evolving step that would boost bilateral trade, business confidence and people-to-people benefits between the two countries.

Former Indian diplomat Vidya Bhushan Soni said the agreement reflects mutual acceptance of each other's positions and marks the end of prolonged uncertainty surrounding trade negotiations.

'The Prime Minister and the US President have agreed and accepted the position put forward by either side. It is a matter of great happiness and satisfaction not just for governments but also for the people of both countries,' Soni said.

He added that the impact of the deal would go beyond the business community. 'Negativity had been going on for a long time for various reasons. We can now look forward to much more activity. This is just the beginning. We should not assume that because it has been resolved, we can rest for the next 20 to 30 years. It will be an evolving relationship,' he said.

Soni noted that future challenges would arise but stressed that they would need to be addressed through dialogue. 'It's a great occasion for the two countries and our people. We can now move forward, get into serious business and increase the trade volume,' he said.

Echoing similar sentiments, former Indian diplomat Surendra Kumar said the agreement deserved celebration after prolonged negotiations.

'We must not only welcome it, but also celebrate it. For the last one and a half years, we have been struggling,' Kumar said, while cautioning that many operational details were still awaited.

He noted that the reciprocal tariff, initially set at 25 per cent, had been reduced to 18 per cent, which he called a positive development. 'That is something we must welcome,' he said.

Kumar also referred to punitive tariffs linked to India's import of Russian oil, saying there was an understanding that these would be addressed. 'As per the tweet of President Trump, there is an understanding that the Prime Minister has agreed to bring those tariffs to zero,' he said.

Highlighting recent trends, Kumar noted that India's imports of Russian oil have already been declining. 'Over the last two months, imports have gone down. Several refineries, including Reliance, have stopped buying oil from Russian companies that have been banned by the US,' he added.

Both former diplomats said the agreement lays the foundation for deeper economic engagement and increased trade volumes between India and the United States in the coming years. (ANI)