India's Goyal Defends Trade Stance at Berlin Dialogue
At the recent Berlin Global Dialogue, Indian Commerce Minister Piyush Goyal defended India's independent trade stance, particularly regarding its purchases of Russian oil. He highlighted the country's strategic autonomy and its measured approach to trade negotiations.
Goyal questioned why India is singled out for purchasing Russian oil, unlike other countries that receive exemptions from sanctions. He pointed out that India faces a 25% tariff on its Russian oil imports, while countries like Hungary and Slovakia benefit from temporary exemptions granted by the EU due to their high dependency on Russian gas.
Goyal made it clear that India will not rush into trade agreements. He emphasized that the country will maintain a measured approach in negotiations with the US, EU, and other nations. Goyal stated that India does not make decisions based on immediate pressure and is exploring new markets and domestic demand to overcome tariffs. He stressed the importance of strategic autonomy over short-term transactional gains in India's trade policy.
Goyal's statements at the Berlin Global Dialogue reaffirmed India's commitment to an independent and strategic trade policy. Despite facing additional duties on its Russian oil imports, India continues to pursue its national interests in international trade.
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