New Delhi close to trade agreements with the U.S.
-xZjGBOny.png "New Delhi close to trade agreements with the U.S.")
India is close to finalizing a trade agreement with the United States, a senior official in New Delhi said, though Commerce and Industry Minister Piyush Goyal stressed that the country will not sign a pact in haste.
The geopolitical message balanced optimism with caution. Speaking at the Berlin Global Dialogue on October 24, Goyal said India rejects deadlines and pressure tactics, insisting any pact must protect its trade flexibility. Negotiators are working virtually on legal language and any final decision rests with leaders in both capitals.
Market reactions have been immediate. India’s NSE Nifty 50 slipped intraday after Goyal’s remarks before trimming losses into the close, while crude benchmarks jumped following the sanctions announcement. Spot crude premiums have also risen as buyers in India and China seek alternatives, tightening prompt supply.
Goyal’s line has been consistent in recent months: India will strike trade deals only in its national interest and not to meet external timelines. In July, he made a similar point when asked whether an agreement with the U.S. could be reached by a date set by Washington.
Market reactions have been immediate. India’s NSE Nifty 50 slipped intraday after Goyal’s remarks before trimming losses into the close, while crude benchmarks jumped following the sanctions announcement. Spot crude premiums have also risen as buyers in India and China seek alternatives, tightening prompt supply.
Goyal’s line has been consistent in recent months: India will strike trade deals only in its national interest and not to meet external timelines. In July, he made a similar point when asked whether an agreement with the U.S. could be reached by a date set by Washington.
For India, outreach comes alongside new U.S. sanctions that now target Russia’s two largest oil companies, Rosneft and Lukoil. The Treasury Department announced full blocking measures on October 22, which freeze property under U.S. jurisdiction and expose counterparties to sanctions risk under OFAC’s 50% rule.
Analysts and industry groups say the actions are already pushing Russian flows toward near zero in some markets, prompting Indian refiners to backfill with Middle Eastern and U.S. grades while talks with Washington progress on a wider trade package.
Analysts and industry groups say the actions are already pushing Russian flows toward near zero in some markets, prompting Indian refiners to backfill with Middle Eastern and U.S. grades while talks with Washington progress on a wider trade package.
The trade context also includes higher U.S. tariffs on Indian goods. New Delhi has acknowledged the pressure but maintains it will decide energy sourcing and trade terms on its own timeline. Goyal’s remarks in Berlin underscored that stance as the two sides work through market-access and rules language.
Author
Sebile Fane cut her teeth in blockchain by building tiny NFT experiments with friends in her living room, long before the buzzwords took hold. She’s driven by a curiosity for the human stories behind smart contracts — whether it’s a small-town artist minting her first token or a DAO voting on climate grants — and weaves technical insight with genuine empathy.
