Commerce Minister stresses long-term vision amid India-US and India-EU trade talks
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Berlin, Oct 24 (TheTrendingPeople.com): India has made it clear that it will not rush into trade agreements, focusing instead on fair and equitable deals that safeguard its long-term economic interests, said Commerce and Industry Minister Piyush Goyal on Friday. His remarks came amid ongoing negotiations with the United States and the European Union.
Long-Term Vision in Trade Talks
Speaking at the Berlin Global Dialogue, Goyal emphasised that India’s trade strategy is guided by a long-term perspective, not by short-term targets or external pressure.
“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 said, highlighting that commerce agreements must balance national priorities with bilateral trust.
Referring to the ongoing talks with the US, he added,
“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.”
India-US and India-EU Negotiations
India and the US are negotiating a free trade agreement, with discussions progressing steadily. Goyal noted that Indian and US teams recently met, including the visit of India’s commerce secretary to Washington, signalling positive engagement between the two sides.
Simultaneously, India is in FTA talks with the European Union, which remain complex due to differences over market access, environmental standards, and rules of origin. Both sides aim to conclude the negotiations before the end of the year.
Energy Security and Russian Oil Purchases
Western countries, including the EU, UK, and US, have pressured India to reduce its imports of discounted Russian crude, citing concerns that such purchases finance Russia’s war in Ukraine.
Goyal defended India’s stance, saying that Russian oil is critical for affordable supplies and energy security, underscoring India’s commitment to protecting domestic interests while engaging in global trade.
Bilateral Engagement with Germany
On the sidelines of the Berlin event, Goyal held discussions with Dr. Levin Holle, Economic and Financial Policy Advisor to the German Chancellor. He noted the potential for stronger Indo-German collaboration across key sectors.
In a post on X (formerly Twitter), Goyal wrote:
“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.”
Why This Matters
India’s stance highlights a strategic, measured approach to international trade. By prioritizing long-term equity and trust, the country is signaling that trade negotiations are not merely transactional but also integral to broader economic and geopolitical objectives.
The outcomes of these negotiations will have significant implications for India’s:
- Export competitiveness in global markets
- Energy security and commodity pricing
- Bilateral relations with major global economies
Final Thoughts from TheTrendingPeople.com
As India engages with the US, EU, and other global partners, Goyal’s comments reinforce a calibrated, pragmatic trade strategy. By emphasizing fairness, sustainability, and trust, India seeks to balance economic growth with geopolitical responsibilities, ensuring that trade agreements strengthen both domestic development and international cooperation.