Commerce Minister Piyush Goyal said India will not sign trade agreements “with a gun to our head,” emphasizing that deals with the EU and US must be based on mutual trust and national interest.
Talks with the European Union continue, but differences remain over market access, environmental standards, and rules of origin.
Goyal noted that India will proceed carefully on a trade pact with Washington, as recent US tariff hikes have already hurt Indian exports.
Addressing Western criticism, Goyal said India’s oil trade with Russia prioritizes consumer interests despite new sanctions by the US and EU on Moscow’s energy sector.
Commerce and Industry Minister Piyush Goyal on Friday said New Delhi will not rush into trade deal with a “gun to our head”, highlighting that India Delhi views trade deals as long-standing partnerships based on mutual trust. His comments come amid ongoing talks with the European Union and the US.
"We are in active dialogue with the EU. We are talking to the US, but we do not do deals in a hurry and we do not do deals with deadlines or with a gun to our head," Goyal said, speaking at the Berlin Dialogue in Germany.
Goyal reiterated that India will reject conditions from its trading partners that may restrict its trading choices. Talks for a much awaited free trade agreement with the EU is in its final stage, however, disagreements remain over market access, environment standards and rules of origin.
On the India-US trade deal, Goyal said New Delhi will take a “measured approach”. Recent data shows that exports to the US have already fallen, after services and several sectors taking the brunt of the aggressive-than-expected 50% tariff under the Trump administration.
"I do not think India has ever decided who its friends will be based on any other considerations other than national interest... and somebody tells me you can't be friends with the EU, I won't accept that or somebody tell me tomorrow, I can't work with Kenya, it's not acceptable,” Goyal told when asked if India is getting a fair trade deal.
Russian Oil Import – A Growing Concern
Goyal also addressed EU concerns over India’s import of Russian oil. New Delhi has come under constant scrutiny, especially from US President Donald Trump who is pressurizing India to drop its oil imports from Moscow. However, India has made it clear that “consumer interests” remain its priority despite the mounting pressure.
His comments come a day after the US and its European allies have imposed fresh sanctions on Russia’s largest oil companies, seeeking slash Moscow’s oil revenue which the West claims are being used to fund the Russia-Ukraine war.
