Union Minister of Commerce and Industry, Piyush Goyal, asserted on Friday that India will not be pressured into signing a trade agreement with the United States. Speaking at the Berlin Global Dialogue during an official visit to Germany, Goyal clarified India’s measured and resilient approach to ongoing trade negotiations.
Rejecting Deadlines and Momentary Pressure
When asked about the common practice of trade negotiations being driven by deadlines and tariffs, Goyal firmly stated that India operates with a long-term perspective.
“We are talking to the United States, of course, but we don’t do deals in a hurry, and we don’t do deals with deadlines or with a gun on our head,” Goyal said.
He emphasized that India’s economic resilience allows it to look beyond immediate pressures, including existing tariffs. “India looks long term, India never takes decisions in a rush or on the pressure of the moment. And we’ve accepted if there’s a tariff on us, there is a tariff on us. We’re looking how to overcome that—we’re looking at newer markets, we’re looking at a stronger demand impetus within the Indian economy.”
Tariffs and Russian Oil Imports
Goyal’s comments come as India and the US attempt to revive a trade pact aimed at reducing high American tariffs. The US currently imposes a 50% tariff on certain Indian goods, including an additional 25% tied to New Delhi’s continued import of discounted Russian crude oil.
The US, along with the European Union and the United Kingdom, has consistently urged India to reduce its purchase of Russian oil, arguing that the trade helps finance Moscow’s war in Ukraine. New Delhi has maintained that its oil import decisions are solely guided by national interest and energy security.
Trump’s Claims on Russian Oil Cuts Denied
Piyush Goyal’s remarks also coincided with renewed claims by US President Donald Trump that India has agreed to drastically cut its purchases of Russian oil.
“He’s not going to buy much oil from Russia. He wants to see that war end as much as I do. He wants to see the war between Russia and Ukraine to end,” Trump had said earlier this week, praising Prime Minister Narendra Modi as a “great person” and hinting at “working on some deals.”
However, the Ministry of External Affairs (MEA) spokesperson Randhir Jaiswal officially denied any recent communication between the two leaders, stating, “I am not aware of any conversation yesterday between the two leaders.”
Despite the occasional friction and public claims, both nations are reportedly making steady progress on trade talks, with the shared goal of boosting bilateral trade to $500 billion by 2030. This includes a recent meeting earlier this month between US Ambassador-designate Sergio Gor and Commerce Secretary Rajesh Agarwal in New Delhi.