Speaking at the Berlin Dialogue in Germany, he said India is negotiating trade deals with countries and regions including the European Union (EU) and the US. Goyal emphasised that any trade deal should be viewed with a long-term perspective. India never makes decisions hastily or impulsively.
On tariffs, he said India is also exploring new markets to deal with high tariffs. When asked about negotiating deals on its own terms, he said trade deals are always made with a long-term outlook.
He added,
It is not just about tariffs or access to goods and services; it is also about trust and relationships. Long-term trade deals go beyond tariffs, and we are not just focusing on today’s issue.
He further said, “India always makes decisions based on national interest regarding who its friends will be. If someone says you cannot be friends with the EU or work with Kenya, I will not accept that.”
Why did US impose a ban on India?
He said, "I was reading in today’s newspaper that Germany is seeking exemptions from the US ban on oil. The UK has already obtained or perhaps even received exemptions from the US for buying oil, so why is only India being singled out?"
This statement is significant because the US has been pressuring India to stop buying crude oil from Russia. On 22 October, the US imposed bans on Russia’s two largest crude oil producers, Rosneft and Lukoil, prohibiting all American companies and individuals from doing business with them.
US imposed extra tariffs on India for buying Russian oil
The US has imposed a 25% tariff on India for purchasing oil from Russia. This is in addition to the reciprocal 25% tariffs on Indian goods entering the US. Overall, Indian products face a 50% higher import duty in the US. The Indian government has called these duties unjustified and baseless.
Under the leadership of Commerce Secretary Rajesh Aggarwal, an Indian official team visited Washington last week to hold trade talks with their US counterparts. The three-day discussions concluded on 17 October.
In February this year, leaders of India and the US instructed officials to negotiate a proposed bilateral trade agreement (BTA), setting a deadline to complete the first phase of the deal by 2025. Last month, Goyal also led an official delegation in New York for trade discussions.
We will make a fair and excellent deal, says Goyal
Earlier, Goyal had said that negotiations between India and the US are progressing well. An agreement is expected soon, and we will ensure it is a fair and excellent deal.
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