'We'll not sign any deal in a hurry': Piyush Goyal's clear-cut message amid ongoing India-US trade talks
His comments come amid India's ongoing trade deal negotiations with the US, which has imposed 50 per cent tariffs on Indian exports, as well as the European Union and several other countries.
- Oct 24, 2025,
- Updated Oct 24, 2025 3:34 PM IST
Union Commerce and Industry Minister Piyush Goyal said on Friday that New Delhi will neither sign any trade agreement in a hurry nor will it accept any terms from other countries that limit its trading choices. He said that India would take a measured approach with the US.
His comments come amid India's ongoing trade deal negotiations with the US, which has imposed 50 per cent tariffs on Indian exports, as well as the European Union and several other countries.
"India will not sign any trade deal in a hurry," Goyal said at the Berlin Global Dialogue, reportedly referring to Europe's concerns over India's continued purchases of Russian oil.
He further said that trade deals are not about what is going to happen in the next 6 months. “In a very short-term context, 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."
Moreover, he explained that trade deals are not only about tariffs or market access. “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,” he said.
The US, the EU, and the United Kingdom are pressurising India to cut back on its imports of discounted Russian crude oil, saying it helps fund Moscow's war on Ukraine.
On Thursday, Goyal said that a trade deal with the US could materialise in the "near future". He added that the talks between New Delhi and Washington were progressing well.
"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 in an interview with Doordarshan.
India and the US are making steady headway on a long-pending trade deal that seeks to cut US tariffs on Indian imports, currently at 50%. The two nations have also set a goal of raising bilateral trade to $500 billion by 2030.
Union Commerce and Industry Minister Piyush Goyal said on Friday that New Delhi will neither sign any trade agreement in a hurry nor will it accept any terms from other countries that limit its trading choices. He said that India would take a measured approach with the US.
His comments come amid India's ongoing trade deal negotiations with the US, which has imposed 50 per cent tariffs on Indian exports, as well as the European Union and several other countries.
"India will not sign any trade deal in a hurry," Goyal said at the Berlin Global Dialogue, reportedly referring to Europe's concerns over India's continued purchases of Russian oil.
He further said that trade deals are not about what is going to happen in the next 6 months. “In a very short-term context, 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."
Moreover, he explained that trade deals are not only about tariffs or market access. “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,” he said.
The US, the EU, and the United Kingdom are pressurising India to cut back on its imports of discounted Russian crude oil, saying it helps fund Moscow's war on Ukraine.
On Thursday, Goyal said that a trade deal with the US could materialise in the "near future". He added that the talks between New Delhi and Washington were progressing well.
"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 in an interview with Doordarshan.
India and the US are making steady headway on a long-pending trade deal that seeks to cut US tariffs on Indian imports, currently at 50%. The two nations have also set a goal of raising bilateral trade to $500 billion by 2030.