'We don't do deals with a gun to our head': Piyush Goyal on India-US trade talks

“I do not think India has ever decided who its friends will be based on any other considerations other than national interest. And if somebody tells me you can’t be friends with the EU, I won’t accept that. Or if somebody tells me tomorrow I can’t work with Kenya, that’s not acceptable,” he said.

Goyal’s remarks come amid reports of pressure from the US urging India to stop purchasing crude oil from Russia. Without naming any country, he made it clear that New Delhi’s economic and diplomatic decisions will not be dictated by external influence.

Emphasising India’s long-term view of trade relations, the minister said agreements must not be limited to tariff discussions but should aim to strengthen global partnerships.

“Trade deals are for a longer duration. They are not only about tariffs or access to goods and services; they are also about trust and relationships,” he said. “It’s a demonstration to businesses that both countries can work together and that their enterprises can prosper, be protected, and get a fair deal.”

Goyal also noted that India never takes decisions “in a rush or in the heat of the moment” and is focusing on expanding into newer markets to mitigate the impact of high tariffs imposed by certain nations.

“We’ve accepted that there are tariffs on us, and we’re looking at how to overcome that. We’re looking at newer markets. We are looking at a stronger demand impetus within the Indian economy,” he explained.

Referring to ongoing bilateral trade talks with the US, Goyal said discussions are progressing steadily, but New Delhi will not compromise on its core interests to meet any timeline.

“We are talking to the US, but we don’t do deals in a hurry,” he reiterated. “We don’t do deals with deadlines or with a gun on our head.”

Earlier, in an interaction with DD News, Goyal had said that the Commerce Secretary recently met his US counterparts to push forward discussions on achieving a fair and equitable trade deal.

Highlighting India’s demographic advantage, the minister said the country’s young and tech-driven population is a major asset.

“We have a demographic dividend, our average age is only 28 years, which you won’t find in many other parts of the world except Africa. Now that young person, connected to the internet, with a billion users, is very aspirational. That aspiration is driving him to work harder and adopt new technologies, new languages, and new countries,” he said.

He further noted that India’s USD 4 trillion economy is significantly larger when measured in purchasing power parity (PPP) terms.

“While it may seem it’s only a USD 4 trillion economy, on a purchasing power parity basis it is already at USD 15 trillion,” Goyal said.

India, he added, has already signed free trade agreements (FTAs) with the UAE, Australia, and the UK, and is actively pursuing similar pacts with the EU, New Zealand, and other countries to deepen economic engagement.

Goyal concluded by reiterating that India’s trade policy is guided by self-reliance, fairness, and long-term trust, not by external pressure or short-term considerations.