Piyush Goyal asks exporters to come out of their protectionist mindset

Commerce minister Piyush Goyal on Thursday said India is currently engaged with several economies to forge bilateral trade arrangements to create better opportunities for Indian exporters and assured them assistance to overcome global challenges.

The minister’s assurance came at a time when several global economies are facing tariff war triggered by the US and the Trump administration is putting pressure on India to reduce tariffs on American goods, even as New Delhi and Washington on February 13 agreed to conclude a bilateral trade agreement (BTA) by the fall of 2025.

Goyal made the remarks at a stakeholder consultation meeting with Export Promotion Councils (EPCs) and industry associations “to discuss strategies” for strengthening India’s export ecosystem.

“The optimism among our industry stakeholders in transforming global challenges into opportunities is truly encouraging. With an evolving global trade landscape, we explored ways to expand into new markets and strengthen competitiveness to drive India’s export growth,” he said in a post late Thursday on X.

The meeting was significant in the changed global trade scenario because of the US move to impose high tariffs on theimport of goods from economies such as China and Canada, triggering retaliation and backlash. Although India has been so far spared mainly because both New Delhi and Washington are engaged bilaterally for enhanced trade, the changed scenario has accelerated free trade agreement (FTA) negotiations by the European Union and the United Kingdom with India.

“On the ongoing efforts on bilateral agreements, the minister has stated that the government is concurrently acting on several tracks and each one of those tracks is aimed at ensuring the best interest of the Indian exporters,” a commerce ministry statement said. Indicating that the Government has reached the final stages in FTAs with some countries in particular, the minister said it would lead to much better opportunities for Indian exporters and also bring in higher investment, an implicit reference to the ongoing bilateral FTA talks with the EU and the UK.

Goyal was optimistic that engagement with EPCs and the industry would result in mutually beneficial arrangements for Indian exports and expand India’s footprint in newer and bigger markets.

“Reflecting on the reciprocal tariffs, 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 statement said.

The objective of the Viksit Bharat Mission to make India a prosperous nation 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 said.

Asserting that India is on the path to crossing $800 billion this year with the major share of services exports, the minister urged merchandise exporters to remain ahead of the curve and increase their exports. An additional increase in exports in the last fortnight will usher in the confidence of the exporters to try and aspire to cross $900 billion in exports in the coming year, the statement quoting Goyal said.

Allaying the industry’s concerns about the US, the minister called upon EPCs to reflect on their strengths and share their demands and interests with the government for better engagement with the US.

The minister reminded EPCs and the industry that the budget has provided for export promotion missions particularly focusing on new products, new markets and new exporters. He asked the industry to come up with suggestions to effectively shape the schemes to achieve the desired goal.

Reflecting on the changing global scenario, Goyal assured the EPCs that the government is working overtime and will leave no stone unturned to ensure a good future for Indian exporters, both merchandise and service and to protect the interest of the country.