India Expects To Boost Energy Trade With US, Says Commerce Minister Goyal

India anticipates a significant expansion in energy trade with the United States in the coming years, with Commerce and Industry Minister Piyush Goyal emphasizing the pivotal role of American partnerships in bolstering the country's energy security. Speaking at an event on energy resilience hosted by the Consulate General of India in New York, the US-India Strategic Partnership Forum (USISPF), and ReNew, Goyal highlighted collaborative opportunities in renewables, nuclear power, and critical minerals. "We expect to increase our trade with the US on energy products in the years to come," he stated, underscoring how such ties would ensure price stability, diversified supplies, and broader economic synergies between the two nations.

Goyal, leading a high-level delegation for negotiations aimed at finalizing a bilateral trade agreement, framed the partnership as essential amid global shifts. India, a major energy importer, relies on diverse sources including the US for oil, liquefied natural gas (LNG), and emerging clean technologies. The minister noted that Navratri's auspicious start on September 22 symbolizes positive momentum for these discussions. Attendees included Member of Parliament Anurag Thakur, Petroleum and Natural Gas Secretary Pankaj Jain, USISPF CEO Mukesh Aghi, and ReNew leaders Vaishali Nigam Sinha and Sumant Sinha. Goyal advocated for joint efforts in nuclear energy, where longstanding talks have progressed toward private sector involvement, addressing past regulatory hurdles to scale capacity.

Beyond bilateral gains, Goyal called for international safeguards against trade weaponization, including resilient critical mineral chains and cross-border transmission grids to underpin clean energy transitions. He stressed aligning regulatory frameworks to insulate energy security from geopolitical risks, a nod to tensions like those in the Red Sea disrupting global flows. India plans to double its nuclear output through state-led initiatives, though challenges in cost competitiveness persist. Collectively, the country aims to elevate its clean energy capacity from 250 gigawatts to 500 gigawatts over the next five years, positioning itself as a "sweet spot" for investment in solar, wind, and green hydrogen.

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Goyal critiqued protectionist measures like the European Union's Carbon Border Adjustment Mechanism (CBAM), warning it could isolate the bloc economically by inflating costs and eroding export competitiveness. "This green protectionism is like a trap," he remarked, urging a more inclusive approach to avoid self-inflicted inflation and market losses. As India-US ties deepen under frameworks like the iCET initiative, Goyal's vision aligns with New Delhi's net-zero ambitions by 2070, potentially unlocking $500 billion in trade opportunities. The talks in New York could accelerate deals on LNG imports and joint ventures, reinforcing strategic convergence amid a volatile global energy landscape.

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