Piyush Goyal's big message amid trade talks with US: 'India will not sign any trade deal in hurry'

Union Commerce and Trade Minister Piyush Goyal said on Friday that India will not sign any trade deal in a hurry, in reference to the ongoing talks in regards to the India-US trade deal, and also made it clear that India will not chose its trade partners according to the wishes of another country.

Goyal made the comment in Berlin, Germany, adding that India wants to view trade deals as signs of long-term partnerships which are based on mutual trust.

"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," he said at Berlin Dialogue in Germany.

India is also in talks with the European Union for a free trade agreement, where discussions are on regarding overseas market access, environmental standards, and rules of origin. As per Goyal, India is looking at newer markets to deal with the high US tariffs.

The European Union, the United Kingdom, and the US have been trying to persuade India into scaling back its purchase of Russian oil, claiming that India's continued purchase of the same helps fund Moscow's war efforts in Ukraine.

India has been saying that its purchase of energy is crucial for ensuring energy security as well as affordable supplies for the Indian consumers.

Goyal's comment assumes significance since it comes in the wake of US President Donald Trump sanctioning the two largest oil companies of Moscow.

When asked whether India is getting a fair trade deal, Goyal said, 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 tell me tomorrow, I can't work with Kenya, it's not acceptable."

Can India switch from Russian crude? Here's what experts say

While experts believe India can make the switch from Russian crude, but it will happen at a cost.

While Trump has claimed Modi has agreed to curb imports of Russian oil as part of the India-US trade deal, no such confirmation has come from New Delhi.

"The key is to what extent Modi bends to the American will," Jorge Montepeque of ONYX Capital told AFP, adding that "initial responses were that the state oil companies were very cautious."

"Any recalibration means... paying more for alternative oils," Montepeque aslso said, addingm, "One of the areas would be the Middle East and the price is shooting up."