Union Commerce and Industry Minister Piyush Goyal gave the main speech at a program called ‘Shifting Global Landscape: Building Regiment Energy Markets’ in New York on 23 September 2025 in New York in New York in New York in New York. Photo Credit: PTI
India hopes that its energy trade with the US will grow in the coming years, Commerce and Industry Minister Piyush Goyal said on Tuesday (September 23, 2025), there will be a “high element” of American partnership in India’s energy security that is moving forward.
Speaking at an event organized by the US-India Strategic Partnership Forum (UsisPF) in New York, Mr. Goel also said that the two countries will work together on nuclear power. The Minister of Commerce is in America to interact on bilateral trade agreement between India and the US
“India is a big player in energy trade,” said Mr. Goyal. “We are large energy importers from all over the world, in which we expect to increase our trade with the US on energy products in the coming years, including the US.”
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“And, being close friends and natural partners, our energy will be a very high element of American participation in our energy security goals, which will ensure the value stability of energy for India, diverse sources, and will help us unlock the immense possibilities with the US on various fronts – energy and beyond.”
It comes at a time when the US has imposed an additional 25% tariff on Indian imports as a “fine” for import of Russian oil. US President Donald Trump has earlier talked about how he wants India to buy American oil.
Mr. Goyal said that another region where India and American plan to work together are nuclear power.
“This is an area that we have been talking about for a long time,” he commented. “There were some elements that needed to be set correctly, and I believe we are working in India to support personal efforts in nuclear power.”
Mr. Goyal also had a strong term for the European Union about the plan to impose carbon border adjustment mechanism (CBAM) tax on imports for the European Union. The mechanism ready to be implemented in 2026, will see a sufficient increase in tariffs on European imports from India among other countries.
He said, “A lot of efforts are made to address the impact of climate change through trade measures and we have to be cautious that we do not allow fighting against business and climate change,” he said. “There is actually serious risk of separating countries rather than encouraging countries to join the movement in addressing climate change.”
He further stated that the CBAM can separate the European Union and hurt their economy as it will provide them uninterrupted in global trade.
“They will really cause inflation in their economy, they will encourage their infrastructure and the cost of living,” said Mr. Goyal. “Their products will lose the market share in exports. And at the same time, it is like a mesh in green protectionism in which if someone burys his head, it can be very difficult for him to come out of the sand.”
The Commerce Minister has been vocal about resistance to CBAM for some time, even threatened to take anti -anticance action by India if Europe proceeds with its plans.
Mr. Goyal also said about the issue of important minerals, saying that the best way for all is to ensure flexible important mineral supply and diversity to sources to ensure that “business is not weapons”.
Published – September 24, 2025 12:10 pm IST
