India won't rush into trade deals, rejects restrictive conditions, trade minister says

NEW DELHI: India will not rush into signing any trade agreements and will reject conditions from partner countries that restrict its trading choices, Trade Minister Piyush Goyal said on Friday.

AI Brief

India is in talks with the EU and US but won't rush deals, citing concerns over market access and environmental rules.
Western nations urge India to reduce Russian oil imports, which New Delhi defends as vital for energy security.
Indian refiners may cut Russian oil purchases to comply with new US sanctions on major Russian producers.

The country is negotiating a long-pending free trade agreement with the European Union, with differences remaining over market access, environmental standards and rules of origin.

Trade talks with the United States, which has imposed 50% tariffs on Indian exports, and several other countries are also underway.

Goyal said New Delhi would take a measured approach.

"India will not sign any trade deal in a hurry," Goyal said while speaking at the Berlin Global Dialogue during an official visit, referring to European concerns over India's continued purchases of Russian oil.

The EU, United Kingdom and the United States are pressuring New Delhi to scale back imports of discounted Russian crude, which the Western nations argue help fund Moscow's war effort in Ukraine.

India has long defended its energy purchases as essential for ensuring affordable supplies and energy security, but Indian refiners are now poised to sharply curtail imports of Russian oil to comply with new U.S. sanctions on two major Russian producers.