Piyush Goyal Says India Won’t Rush Trade Deals: ‘It’s About Trust, Not Tariffs’

Goyal’s remarks come at a time when India is engaged in complex negotiations with the United States and the European Union (EU) over free trade agreements (FTAs).

By : ABP Live Business | Updated at : 24 Oct 2025 05:01 PM (IST)

Both sets of talks are progressing but remain mired in key differences over market access, environmental standards, and rules of origin. 
Source : PTI
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Commerce and Industry Minister Piyush Goyal has reiterated that India will not rush into any trade agreement merely to meet short-term objectives. Instead, the country’s approach is anchored in fairness, long-term partnerships, and national interest. 

Speaking at the Berlin Global Dialogue, Goyal emphasised that New Delhi’s trade strategy revolves around trust, transparency, and sustainable growth rather than political or diplomatic pressure, reported IANS.

A Balanced and Cautious Approach

Goyal’s remarks come at a time when India is engaged in complex negotiations with the United States and the European Union (EU) over free trade agreements (FTAs). Both sets of talks are progressing but remain mired in key differences over market access, environmental standards, and rules of origin. 

While global powers are urging India to reduce its import of discounted Russian crude oil, New Delhi continues to defend its purchases as vital for ensuring affordable energy and economic stability.

“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,” Goyal said during his address in Berlin. Stressing that India will not sign any trade deal in a hurry, 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.”

His statement underscores India’s growing confidence as a major global trading partner and its unwillingness to be pressured by Western economies. India’s stance on Russian oil imports, in particular, highlights its effort to balance moral diplomacy with pragmatic energy needs.

India-US and India-EU Talks Gain Momentum

The minister revealed that negotiations with the US are ongoing and progressing steadily. “We are in dialogue with the United States of America. Our teams are engaged. We recently had the Commerce Secretary visit the US, and he met with his counterparts. We continue to engage with them, and talks are progressing. We hope to work towards a fair and equitable agreement in the near future,” Goyal said.

India’s talks with the European Union have also gathered pace as both sides aim to finalise a comprehensive FTA before the year-end. However, sticking points remain, particularly concerning labour standards, sustainability commitments, and market access for key industries.

Strengthening Global Ties

Goyal is currently in Germany to deepen economic cooperation with Europe’s largest economy and strengthen bilateral trade frameworks. He also met Dr Levin Holle, Economic and Financial Policy Advisor to the German Chancellor and G7 & G20 Sherpa, to explore new areas of Indo-German collaboration.

 Sharing details of the meeting on X, formerly Twitter, Goyal said, “It was a pleasure to meet Dr. Levin Holle... 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.”

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Published at : 24 Oct 2025 05:01 PM (IST)
Tags :
Tariffs Trade Deal Piyush Goyal US India Trade Talks

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