Blitz Bureau
NEW DELHI: Commerce and Industry Minister Piyush Goyal said on October 24 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. His 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.
