India won't rush trade deals, will reject terms curbing its choices: Goyal

Piyush Goyal made these remarks while speaking at the Berlin Global Dialogue, adding that New Delhi would take a measured approach

Minister of Commerce and Industry Piyush Goyal said on Friday that India will not rush into signing any trade agreements, adding that it will reject conditions from partner countries that restrict its trading choices.  

 

Goyal made these remarks while speaking at the Berlin Global Dialogue, adding that New Delhi would take a measured approach. His remarks came amid the backdrop of concerns raised by several countries over India's import of Russian crude oil. He also underscored that trade deals are not merely about tariffs or market access, but also about building relations, trust, and creating sustainable frameworks for global business cooperation, Hindustan Times reported.

 

 

Hinting at the trade negotiations with the US, Goyal said, "In a very short-term context, it's not about what is going to happen in the next six months. It's not just about being able to sell steel to America."

 

The remarks come at a time when New Delhi is negotiating a trade agreement with Washington, after US President Donald Trump imposed a 50 per cent tariff, of which 25 per cent was imposed for India's continued purchases of Russian oil, at a time when Washington has been trying to end the war between Moscow and Kyiv.

 

The minister stressed that India's approach to trade negotiations is not driven by a pressure to meet immediate targets, but by a long-term vision. Trade deals are for a longer duration. It's not only about tariffs, it's also about trust and a relationship. Trade deals are also about businesses", he said.

 

India-US trade talks

 

In an interaction with Doordarshan on Thursday, Goyal noted that India and the US are holding active discussions, with teams from both sides collaborating. He added that the Commerce Secretary recently met US counterparts to advance efforts toward achieving a fair and balanced trade agreement.

 

He added, "We are in dialogue with the United States of America. Our teams are engaged. We recently had the Commerce Secretary visit the US, and he met with his counterparts. We continue to engage with them, and talks are progressing. We hope to work towards a fair and equitable agreement in the near future."

 

India trade agreements

 

India is currently negotiating trade agreements, including a long-overdue free trade agreement with the European Union, with differences remaining over market access, environmental standards, and rules of origin.

 

Business Standard recently reported that differences continued to persist after India and the European Union held the 14th round of talks in Brussels.

 

The EU’s main demands centered on sectors such as automobiles, wines and spirits, and agriculture, areas that India regards as sensitive. For India, key priorities include addressing non-tariff barriers related to safety, packaging, and environmental standards, particularly the Carbon Border Adjustment Mechanism (CBAM).

 

India defends Russian oil purchases

 

Ever since Trump criticised India for purchasing Russian crude oil and accused the country of fuelling Russian President Vladimir Putin's war in Ukraine, India has maintained that the purchases were made to meet energy demands of the country. While Trump imposed additional tariffs, the Central government defended its purchase, adding that it will not bow to the pressure.