Goyal tells exporters to come out of 'protectionist mindset' amid Trump's tariffs

Union commerce minister Piyush Goyal

Union commerce minister Piyush Goyal, in a meeting with key trade promotion organisations on March 13, told domestic exporters to come out of their 'protectionist mindset' while reflecting on reciprocal tariffs.

"Reflecting on the reciprocal tariffs, he (Goyal) has cautioned the EPCs (export promotion councils) to come out of their protectionist mindset and encouraged them to be bold and ready to deal with the world from a position of strength and self-confidence," the ministry of commerce and industry said in a statement on March 13.

Allaying the concerns of the domestic industry with regard to the US, the Minister called on the exporters to reflect on their strengths and share their demands and interests with the Government for better engagement with America.

"The objective of the Viksit Bharat Mission is to make India a prosperous nation, which is only possible when the collective commitment of industry converges with the aspirations of Indian consumers at large for access to goods and services at competitive prices," he added.

The US is set to impose higher tariffs from April 2 under its Fair and Reciprocal Plan on countries that levy steeper duties on American goods, and at the same time is also reportedly pushing India to ease duties on almost all products through the proposed trade deal between them.

India and US is presently negotiating the first tranche of a mutually beneficial, multi-sector (Bilateral Trade Agreement) BTA by fall 2025.

On the ongoing efforts on bilateral agreements, Goyal said that the government is concurrently acting on several tracks keeping in mind the best interest of Indian exporters.

"Indicating that the government has reached final stages in FTAs (free trade agreements) with few in particular, Goyal was positive that it will lead to much better opportunities for Indian exporters and will also bring in higher investment into the country.

India is currently negotiating FTAs with a slew of countries and blocs, including United Kingdom, European Union and Oman.

"Informing that India is on the path to cross $800 billion in overall exports this year with a major share of services, the Minister urged merchandise exporters to remain ahead of the curve and increase their exports," according to the statement.

"Additional increase in exports in the last fortnight will usher in the confidence of the exporters to try and aspire to cross $900 billion exports in the coming year," he added.