India's Minister of Commerce, Piyush Goyal, questioned why Western nations are singling out India when European countries are themselves seeking exemptions from Russian oil from the United States. He remarked, “Germany seeks exemptions, the UK has already received them, so why is India being targeted?”
Goyal made these comments during the Berlin Global Dialogue event in Germany, where he shared the stage with UK Trade Minister Kemi Badenoch. When Badenoch mentioned the exemption is only for a branch of Russia's Rosneft company, Goyal retorted, “We have a Rosneft branch here too.”
This declaration came as the US and its allies put pressure on India to reduce its purchase of cheaper oil from Russia. Last month, the US significantly hiked tariffs on goods coming from India, labeling it as unjust, which India criticized.
The US argues that halting oil purchases from Russia by India would increase pressure to end the Russia-Ukraine conflict. The European Union also imposed sanctions on three Indian firms for alleged ties with the Russian military.
This week, the US targeted two major Russian oil firms, Rosneft and Lukoil, with new sanctions.
Goyal emphasized that India doesn't make hasty or coerced decisions. “We make deals that align with our national interests. If someone imposes taxes on us, let them. We are focused on expanding trade with new countries and maintaining long-term resilience,” he stated.
Source: aajtak
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He shared India's ambition to become a $30 trillion economy in the next 20-25 years. “Our decisions are future-focused, always securing the best deals for our nation,” Goyal highlighted.
Goyal also mentioned that India makes policies solely based on national interests. “India will not negotiate friendships or trade based on others' demands. If told not to work with Europe or Kenya, it would be unacceptable,” he noted.
He emphasized, “Trade is not just about taxes or markets; it's rooted in trust and relationships.” India is currently negotiating new trade agreements with the US and Europe. The target between India and the US is to increase trade to $500 billion by 2030.
In conclusion, Goyal underlined that India's economy stands on a strong foundation with 1.4 billion energetic youths, progressing without succumbing to external pressures.
