The trade and commerce minister emphasised that trade agreements should be approached with a long-term perspective. He was speaking at the Berlin Global Dialogue in Germany, a forum for leaders and businesses to discuss ways to boost bilateral trade and investment
Union Minister Piyush Goyal noted that trade deals should not be viewed with a short-term lens. PIC/X
India does not enter into trade agreements in a hurry or under duress, Commerce and Industry Minister Piyush Goyal said on Friday, as the country continues to negotiate key trade pacts with the European Union (EU) and the United States.
Speaking at the Berlin Global Dialogue in Germany, a forum for leaders and German businesses to discuss ways to boost bilateral trade and investment, Goyal said, “We are in active dialogue with the EU. We are talking to the US, but we do not do deals in a hurry and we do not do deals with deadlines or with a gun to our head.”
Trade deals are about TRUST pic.twitter.com/KaVu19mpSQ
— Piyush Goyal (@PiyushGoyal) October 24, 2025
The minister emphasised that trade agreements should be approached with a long-term perspective.
“India never takes decisions in a rush or in the heat of the moment,” he added, noting that the country is also exploring newer markets to address high tariffs.
On whether India is securing fair, long-term trade deals with conditions attached, Goyal said, “I do not think India has ever decided who its friends will be based on any other considerations other than national interest… and somebody tells me you can't be friends with the EU, I won't accept that, or somebody tells me tomorrow, I can't work with Kenya, it's not acceptable.”
He further highlighted the global dimension of trade decisions, citing oil purchases as an example.
“I was reading in today’s paper, Germany is asking for an exemption from US sanctions on oil…The UK already has sorted or probably got an exemption for procuring oil from the US…so then why single out India?” questioned the minister.
Goyal’s remarks come amid US pressure on India to stop buying crude oil from Russia. On Wednesday, the US imposed sanctions on Russia’s two largest crude oil producers, Rosneft and Lukoil, barring American entities and individuals from conducting business with them. India has faced additional 25 per cent US tariffs on its goods over oil imports from Russia, on top of the existing 25 per cent reciprocal tariffs. New Delhi has described these measures as “unfair, unjustified and unreasonable”.
Goyal also noted that trade deals should not be viewed with a short-term lens.
“Trade deals are for a longer duration. It is not only about tariffs or access to goods and services, it is also about trust and relationship…Trade deals in a longer context are far more than just tariffs and we are just focused on the current day issues and tariffs,” he said.
India and the US have been negotiating a bilateral trade agreement (BTA) since March, completing five rounds of talks so far. Goyal said on Thursday that negotiations are progressing, expressing hope that both sides would work towards a “fair and equitable agreement” in the near future.
An Indian delegation, headed by Commerce Secretary Rajesh Agrawal, visited Washington last week for three days of talks.
Leaders of India and the US had directed officials in February to negotiate the proposed pact, aiming to conclude the first tranche by fall 2025. Talks had briefly paused following the US’s high tariff imposition but resumed in mid-September when Assistant US Trade Representative Brendan Lynch met Indian officials in New Delhi.
The proposed pact seeks to more than double bilateral trade to USD 500 billion by 2030 from the current USD 191 billion. The US remained India’s largest trading partner for the fourth consecutive year in 2024-25, with bilateral trade valued at USD 131.84 billion (USD 86.5 billion in exports). US trade accounts for around 18 per cent of India’s total goods exports, 6.22 per cent of imports, and 10.73 per cent of total merchandise trade.
According to Commerce Ministry data, India’s merchandise exports to the US declined by 11.93 per cent to USD 5.46 billion in September due to high US tariffs, while imports rose by 11.78 per cent to USD 3.98 billion during the month.
(With PTI inputs)
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