Berlin. At the Berlin Global Dialogue, Union Minister Piyush Goyal made a sharp attack on western countries and exposed double standards. He raised the question that when Germany and Britain are seeking or have obtained exemption from US sanctions to buy oil from Russia, why is India being targeted for buying cheaper crude oil from Russia? In a panel discussion with UK Trade Minister Chris Bryant, Goyal said, I read in today’s newspaper that Germany is seeking exemption for oil imports from US sanctions. Britain has already got exemption. Then why is India being targeted? Bryant clarified that Britain’s exemption is only for a specific subsidiary of Russian company Rosneft. Goyal immediately hit back, “We also have a subsidiary of Rosneft, then why is India being harassed?” There was silence in the auditorium due to this answer.
This comment has come at a time when America and its allies are putting huge pressure on India to buy oil from Russia. Last month, the Trump administration imposed additional tariffs on Indian products, taking the total duty to nearly 50 percent. India has termed it unfair, unjust and impractical. The American argument is that pressure on countries like India will weaken Russia economically and Ukraine will be forced to end the war. Meanwhile, the European Union imposed sanctions on three Indian companies over alleged links to Russia’s military. The US has also imposed new sanctions on Russian oil companies like Rosneft and Lukoil.
Emphasizing on India’s free trade policy, Goyal said that the country does not compromise with any pressure, deadline or gun pointed at the head. If one imposes tariffs, India will explore new markets, strengthen domestic demand and develop long-term resilience. Revealing India’s economic strategy, he said that the aim is to become a 30 trillion dollar economy in the next 20-25 years. Trade relations are based on national interest, not external pressure. India will never break relations with friendly countries on anyone’s advice. Trade agreements are not limited to tariffs only, but are based on trust and relationships. The target is to take India-US trade to $500 billion by 2030. Goyal expressed confidence that 1.4 billion young and ambitious Indians are taking the country forward.