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Goyal: India Resilient Amid Conflict, Committed to US Trade Deal

Union Commerce Minister Piyush Goyal stated that India remains economically resilient with strong fundamentals despite the ongoing West Asia conflict. He assured that India is well-placed regarding crude oil and fuel supplies and has increased kerosene production as an alternative. Goyal reaffirmed India's commitment to its Free Trade Agreement with the United States, despite a recent US Supreme Court ruling. He emphasized that the FTA protects sensitive agricultural sectors, prohibiting the entry of certain GM products to safeguard Indian farmers.

Key Points: India Resilient, Committed to US FTA Amid Conflict: Goyal

  • India economically resilient amid global conflict
  • Fuel supplies secure, kerosene production ramped up
  • Committed to US Free Trade Agreement
  • FTA protects Indian farmers from sensitive imports
2 min read

Piyush Goyal reaffirms commitment to US trade deal, says "India economically resilient amid West Asia conflict"

Commerce Minister Piyush Goyal asserts India's economic strength during West Asia conflict and reaffirms commitment to the US trade agreement.

"We are in talks with the United States and we stand by the FTA. - Piyush Goyal"

New Delhi, March 14

Amidst the ongoing West Asia conflict and evolving world order, Union Commerce Minister Piyush Goyal on Saturday asserted that India remains economically resilient with strong fundamentals.

While speaking during the CNBC-TV18 India Business Leader Awards 2026, Goyal mentioned that Prime Minister Narendra Modi has guided the country to look for opportunities amid challenges.

"With a war ranging on, people of India understand the situation and are ready to work with the government to find solutions," said Piyush Goyal at the CNBC-TV18 India Business Leader Awards 2026.

Goyal further added that while some short-term disruptions may occur, India remains well poised to emerge as a reliable global partner. Addressing concerns over fuel availability, Goyal said India remains well placed in terms of crude oil and fuel supplies, adding that the ongoing conflict involving Iran may not last very long.

"The petroleum ministry and Ministry of External Affairs (MEA) have been very candid and upfront in sharing with people of India that when there's a war, there are going to be problems. On crude oil and fuel, we are very well placed. We have also ramped up kerosene production to provide alternate option for common man," he said.

Responding to a question on whether India would revisit the interim trade deal with the US following the ruling by the Supreme Court of the United States that tariffs imposed by former President Donald Trump were illegal, Goyal said India remains committed to the free trade agreement.

"We had a very robust and good FTA. A trade agreement is about getting preferential access, the absolute tariffs does not matter. The US agreement gave India the lowest import duty compared to all our peers. Apart from that, we had a number of products where we had zero duty," Goyal said.

He added that the preferential element of the agreement had been lost after the decision of the US Supreme Court. "We are in talks with the United States and we stand by the FTA," he added.

"When we finalise a FTA... we also protect sensitive sectors. With the US, all GM products will not be allowed entry into India -- corn, soybean, rice, wheat, millets. The only access is in areas which do not threaten our farmers," Goyal stated.

- ANI

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Reader Comments

S
Sarah B
As someone working in exports, the commitment to the US trade deal is vital. The preferential access matters more than the absolute tariffs. Hope the talks lead to a stable agreement soon.
V
Vikram M
Good that they are being upfront about potential problems due to the West Asia conflict. But I hope the "ramped up kerosene production" is a real, sustainable solution and not just a temporary fix. Fuel prices are already pinching the middle class.
P
Priya S
Most important line: "all GM products will not be allowed entry." Jai Kisan! Our food security and farmers' livelihoods must be protected in any deal. That's non-negotiable.
R
Rohit P
Resilience is good, but actions speak louder than words. Let's see if this translates to stable prices for petrol, diesel, and cooking gas for my family. The talk is positive, though.
K
Karthik V
The world is looking for reliable partners, and India can fill that gap. Strong fundamentals and a large domestic market give us an edge. Hope the US sees the long-term value and works with us constructively.

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