India Stands Firm on Trade Choices Amid U.S. and EU Pressures

In a firm stance, India's Trade Minister Piyush Goyal declared the nation will not rush into any trade agreements at the behest of international pressures, notably from the European Union and the U.S., concerning India's oil imports from Russia.

Amidst ongoing EU and U.S. trade negotiations, Goyal highlighted India's cautious approach, even as a potential bilateral trade deal with the U.S. is reportedly close, according to a senior Indian official. Meanwhile, India maintains a protective stance over its agricultural sector while discussing possible imports of corn and soymeal.

India's refiners, who have been significant buyers of Russian crude, are adjusting to decreased imports to comply with recent U.S. sanctions, aligning with the broader geopolitical landscape. This move could ease hurdles in finalizing a U.S.-India trade agreement, despite declining Indian exports to the U.S. due to high tariffs.