Amid allegations that India “ceded sovereignty” while allegedly agreeing to US President Donald Trump’s demand to stop the purchase of Russian Federation oil, Union Commerce Minister Piyush Goyal on Sunday claimed that buying crude oil from the United States is in India’s interest.
“The buying of crude oil or LNG, LPG from the US is in India’s own strategic interests as we diversify our oil sources. But the decisions are taken by the buyers, by the companies themselves,” he said.
Goyal also stated that the trade deal doesn’t discuss who will buy what and from where.
His remarks came amid the confusion over the issue of Russian oil purchase. Announcing the interim framework of the India-US trade deal, the White House claimed that New Delhi will stop buying Russian energy products and purchase more from the US.
However, India didn’t confirm any such agreement but dropped several hints suggesting that New Delhi may consider diversifying its oil sources.
Goyal further defended the agreement with the US, saying that the trade deal ensures that the pathway to trade is smooth and India gets preferential access.
“FTAs are all about preferential access to your competition. So, today when we got an 18% reciprocal tariff, we have a preference over other developing nations who are usually our competition…,” he stated.
Calling the Opposition’s criticism “absolute nonsense”, the minister described the agreement as a “labour of love” aimed at advancing India’s Viksit Bharat 2047 vision.
“Absolute nonsense. Whoever is articulating this must be a pretty ignorant person who doesn’t understand that this trade deal is truly a labour of love. It has come out of intense negotiations on both sides, in the best interests of our country’s stated goal to become a developed and prosperous country by 2047 – Viksit Bharat 2047,” he said.