India won`t rush into a trade deal: Piyush Goyal
Commerce and Industry Minister Piyush Goyal said on Friday that India will not rush into any trade agreement, as it wants to go in for a fair and equitable deal with its partner countries and not one that restricts its trading choices.
The Commerce Minister’s comment came in the backdrop of the ongoing India-US trade talks. India is also negotiating a free trade agreement with the European Union (EU), with differences remaining over market access, environmental standards and rules of origin.
Goyal said, in his address at the Berlin Global Dialogue, that India’s approach to trade negotiations is driven by a long-term vision, not by pressure to meet immediate trade targets. “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 explained.
"India will not sign any trade deal in a hurry," Goyal said, referring to European concerns over India's continued purchases of Russian oil.
“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," Goyal said, referring to the ongoing trade negotiations with the US.
The EU, the United Kingdom and the United States are pressuring India to scale back imports of discounted Russian crude, which the Western countries claim is helping Moscow finance the war against Ukraine.
India has defended its purchases of Russian oil as essential for ensuring affordable supplies and energy security for its people.
Earlier on Thursday, the minister told the media that India and the US were making progress in their trade negotiations
"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," Goyal said.
Goyal is in Germany to strengthen bilateral economic ties and hold discussions on the India-EU free trade agreement which the two sides are negotiating to conclude before the year-end.
In a post on X, he said, "It was a pleasure to meet Dr. Levin Holle, Economic and Financial Policy Advisor to the Federal Chancellor and G7 & G20 Sherpa, Germany. Deliberated on opportunities for stronger Indo-German collaboration across key sectors. We also had positive discussions on the India-EU FTA. Both sides are committed to the shared prosperity of our nations."
