India's Strategic Trade Stance: No Rushed Agreements Amid Russian Oil Controversy

New Delhi:

Trade Minister Piyush Goyal declared on Friday that India will maintain a deliberate approach to trade agreements, refusing to accept conditions from partners that would limit India's trade sovereignty.

The ongoing negotiations for a free trade agreement with the European Union remain challenged by disagreements over market access, environmental protocols, and origin rules.

India is simultaneously engaged in trade discussions with the United States—which currently imposes significant 50% tariffs on Indian exports—alongside negotiations with various other nations.

Speaking at the Berlin Global Dialogue during his official visit, Goyal emphasized India's measured stance, stating, "India will not sign any trade deal in a hurry," addressing European concerns regarding India's continued Russian oil purchases.

Western powers including the EU, United Kingdom, and United States are pressuring India to reduce its imports of discounted Russian crude, claiming these purchases financially support Moscow's military operations in Ukraine.

India has consistently defended these energy acquisitions as crucial for maintaining affordable supplies and ensuring national energy security, though Indian refiners are now preparing to significantly reduce Russian oil imports to align with new US sanctions targeting two major Russian producers.