India Doesn't Make Trade Deals Under Pressure, Says Piyush Goyal At Berlin Global Dialogue
Speaking to a high-profile gathering in Berlin, Piyush Goyal spoke on how India is charting its way toward becoming a developed nation.
At the Berlin Global Dialogue, Piyush Goyal, India’s Minister of Commerce and Industry, shared his perspective on India’s evolving approach to global trade and economic integration.
Speaking to a high-profile gathering in Berlin, Goyal spoke on how India is strategically charting its way toward becoming a developed nation that cannot afford to remain isolated from global markets.
Goyal recalled a shift in India’s trade policy in 2021, following the disruptions caused by the COVID-19 pandemic. He highlighted how this period served not just as a crisis but also as an inflection point that prompted India to rethink its trading relationships.
"If we have to be a developed nation, living in isolation will not do any good. COVID was another opportunity where everybody could reflect on how we can expand relations with trusted partners. I remember earlier India used to do trade deals with the competitors of India," said Goyal.
"In 2021 we sat down and looked at our trading arrangements and realised it would be good to integrate with developed countries that would help us in our priorities, help us get technology, help us get investments, open our markets as well as open other markets to Indian products."
Traditionally, India’s trade deals were often with direct competitors, but recent years have seen a deliberate move for deeper integration with developed economies. Addressing India’s core trade philosophy, Goyal said that India is committed to unique trade deals and aims to integrate with global markets but will not negotiate under pressure.
He stated that India's trade strategy is resilient, accepting existing tariffs. "If there's tariff on us, there's tariff on us," he said, adding that instead India will be focusing on finding new avenues for growth, exploring new markets, and strengthening domestic demand to overcome trade barriers.
The country is willing to face tariffs rather than compromise on its principles, continually seeking new markets and strengthening domestic demand instead of conceding to external pressure. National interest remains the guiding factor, with Goyal stressing that India’s alliances are always rooted in its sovereign priorities.
"If somebody tells me tomorrow we can't be friends with the EU, it's not acceptable," he remarked, asserting India’s commitment to an independent foreign policy.
Goyal was critical of what he perceived as double standards and hypocrisy in international trade practices, particularly those involving the EU. In the context of Germany seeking sanction exemptions for its Rosneft facilities, Goyal questioned the targeting of India, "Why single out India then?"
He also expressed his confusion over the application of safeguard duties, contrasting them with acceptable anti-dumping duties, and accused the EU of hypocrisy for simultaneously advocating for multilateralism and free markets while heavily protecting domestic industries.
On the European Union, Goyal spoke about the challenges facing the bloc. He described the EU’s excessive internal regulations as a threat to European businesses.
Looking ahead, the Minister called for significant changes within the EU, arguing that the bloc needs reform due to "too many regulations between member states."
Goyal cautioned that if internal hurdles persist, the EU's businesses could face an "existential problem."
