India will not be pressured into signing a trade deal with the United States, Union Minister Piyush Goyal said on Friday, clarifying how India would proceed amid ongoing trade negotiations.
Goyal said India is open to discussions but not to deadlines. “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,” he said while speaking at the Berlin Global Dialogue during an official visit.
When the moderator suggested that trade negotiations, nowadays, hinge on deadlines and tariffs, Goyal pushed back, saying India’s approach was guided by long-term thinking, not momentary pressure.
“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. So we have a very resilient structure,” he added.
The statement comes when India and the US are in talks to revive a long-pending trade pact that aims to reduce high American tariffs. The US imposed tariffs are currently at 50% on Indian goods, including an additional 25% tied to New Delhi’s continued import of Russian oil.
{{/usCountry}}The statement comes when India and the US are in talks to revive a long-pending trade pact that aims to reduce high American tariffs. The US imposed tariffs are currently at 50% on Indian goods, including an additional 25% tied to New Delhi’s continued import of Russian oil.
{{/usCountry}}At the same time, the US, European Union and United Kingdom have been urging India to reduce its purchases of discounted Russian crude, arguing that the trade helps fund Moscow’s war in Ukraine.
Trump’s repeated tune on Russian oil
Piyush Goyal's remark also come amid renewed claims by US President Donald Trump that India has agreed to drastically cut back 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 said earlier this week. “They’ve cut it way back, and they’re continuing to cut it way back.”
Trump also praised Prime Minister Narendra Modi, calling him a “great person,” and hinted that the two countries were “working on some deals.”
However, India has officially denied any recent communication between the two leaders. “I am not aware of any conversation yesterday between the two leaders,” said MEA spokesperson Randhir Jaiswal at a weekly press briefing.
New Delhi has also maintained that its oil imports are guided by national interest and energy security.
Trade talks inch forward
Despite the occasional friction, both sides are said to be making steady progress on trade negotiations. The goal is to boost bilateral trade to $500 billion by 2030.
Earlier this month, US Ambassador-designate Sergio Gor met with Commerce Secretary Rajesh Agarwal in New Delhi to discuss economic ties and increased American investment.