India has no issues in its trade negotiations with the US despite the hefty tariffs it is facing from the administration of US President Donald Trump, according to India's Commerce and Industry Minister.
Washington has imposed a 50 per cent tariff on Indian imports – the highest for any Asian nation – but negotiations are continuing with "no friction", Piyush Goyal told reporters in Abu Dhabi on Thursday. "We have very strong ties. America is our trusted partner," Mr Goyal said.
Mr Goyal is in Abu Dhabi to attend the 13th meeting of the India-UAE Joint Task Force on Investments.
The temperament at the negotiating table also applies to other countries India is working with as it expands its trade footprint overseas to boost its economy, which is the world's fifth-largest, he added.
"India never looks at one relationship from the lens of another relationship. We have no problem with any country. For us it's a multi-dimensional engagement with different parts," Mr Goyal said.
The tariffs on India are part of the US's sweeping global levies, which have riled its rivals and alienated some of its allies. India was hit with a 25 per cent tariff at its onset but was doubled by the US in retaliation for India's imports of Russian crude products.
India's Prime Minister Narendra Modi, amid the tariffs drama, boosted his charm offensive with India's allies. Earlier this month, he used his first trip to China in seven years to bolster diplomatic and trade ties with Beijing and Russia, in defiance of US tariffs.
Mr Modi held talks with Chinese President Xi Jinping in Tianjin at the Shanghai Co-operation Organisation summit this weekend, with both sides pledging to reduce trade deficit.
The Indian leader also met the Russian President Vladimir Putin and underscored his commitment to building stronger ties with Russia, amid the US's displeasure with India-Russia oil purchases.
Despite Mr Modi's moves, he and Mr Trump remain "very good friends, so that is a strong relationship", Mr Goyal said on Thursday.
Rapid progress in UAE trade ties
Meanwhile, trade ties between India and the UAE are "rapidly progressing", according to Mr Goyal, who said he looks forward to sustaining the partnership. "It is a partnership built on mutual trust ... [and] of complementarity. We don't compete with each other or anything; we complement each other," he said.
The UAE signed its first Comprehensive Economic Partnership Agreement (Cepa) with India in February 2022, with the deal taking effect in May of that year. Bilateral non-oil trade surged to $50.5 billion in the following 12 months, marking a 5.8 per cent annual increase.
Earlier this month, India announced plans to boost partnership with the UAE, in particular, doubling non-oil trade to $100 billion by 2030. "The government of the UAE has been very welcoming of the Indian government. As we go forward, we have a lot that we can do together," Mr Goyal said.
Meanwhile, amid the tariff situation, the UAE and the wider Gulf region has gained traction as an alternative manufacturing and export hub for Indian jewellery, driven by rising American tariffs, experts had told The National last month.
Also, India's major sectors, such as its vast information and communications sphere, could look at the Gulf as the US hints at digital tariffs, according to analysts.
