Union Commerce Minister Piyush Goyal has urged Indian exporters to move beyond a protectionist mindset, emphasizing the need for a bold and self-confident approach in global trade. His remarks came during a meeting with key trade promotion organizations on March 13, where he addressed concerns over the United States' upcoming tariff hikes. Reflecting on the impact of reciprocal tariffs, Goyal advised Export Promotion Councils (EPCs) to embrace competitiveness rather than rely on protective measures. "He has cautioned the EPCs 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.
Addressing Industry Concerns Over US Tariffs
Goyal also sought to reassure domestic exporters about the evolving trade dynamics with the United States. He encouraged businesses to identify their strengths, communicate their demands, and actively engage with the government to ensure favorable trade negotiations.
"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," Goyal stated.
The minister’s comments come as the US prepares to impose higher tariffs from April 2 under its Fair and Reciprocal Plan. The policy is aimed at penalizing nations that levy higher duties on American goods, while simultaneously pressuring India to lower tariffs on various products through the ongoing trade negotiations.
Bilateral Trade Talks in Final Stages
Goyal also provided an update on India's bilateral trade agreements, revealing that negotiations on Free Trade Agreements (FTAs) with several nations are in their final stages.
The Indian government continues to push for balanced trade deals that support domestic industries while enhancing market access for exporters. With heightened global trade tensions and shifting economic policies, India aims to strengthen its position in international commerce through strategic engagement and tariff adjustments.
