New Delhi, Oct 24 (NationPress) Commerce and Industry Minister Piyush Goyal stated on Friday that India will not hasten into any trade agreements, as it aims for a just and equitable deal with its partner nations, avoiding any terms that may limit its trading options.

This statement from the Commerce Minister is timely, given the current India-US trade discussions. India is also pursuing a free trade agreement with the European Union (EU), although challenges remain concerning market access, environmental regulations, and rules of origin.

During his speech at the Berlin Global Dialogue, Goyal emphasized that India's trade negotiation strategy is guided by a long-term vision rather than the urgency of immediate trade objectives. He noted, “Trade agreements last for extended periods. They encompass more than just tariffs—they involve trust and relationships. They are fundamentally about business.”

“India will not hastily enter into any trade agreement,” he remarked, in response to European apprehensions regarding India's ongoing imports of Russian oil.

“It's not about what will transpire in the coming six months. It's not solely about exporting steel to America,” Goyal added, highlighting the active trade negotiations with the US.

The EU, UK, and US are urging India to reduce imports of discounted Russian crude, which they argue is financing the conflict in Ukraine.

India has defended its Russian oil purchases, labeling them essential for maintaining affordable energy supplies and security for its citizens.

Earlier that week, the minister informed the media that progress was being made in the India-US trade discussions.

“We are in dialogue with the United States of America. Our teams are in discussions. The commerce secretary recently visited the US and met with his counterparts. We are continuously engaging, and the talks are advancing. We aim to reach a fair and equitable agreement soon,” Goyal stated.

Goyal is currently in Germany to bolster bilateral economic relations and discuss the ongoing India-EU free trade agreement, which both parties hope to finalize by the end of the year.

In a post on X, he expressed, “It was delightful to meet Dr. Levin Holle, Economic and Financial Policy Advisor to the Federal Chancellor and G7 & G20 Sherpa, Germany. We discussed ways to enhance Indo-German collaboration across critical sectors. There were also positive exchanges regarding the India-EU FTA. Both sides are dedicated to our nations' mutual prosperity.”