Global Trade
Commerce Minister Goyal asks exporters to come out of protectionist mindset
This story was originally published at 11:09 IST on 15 March 2025
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NEW DELHI – Commerce Minister Piyush Goyal has asked Indian exporters to come out of their 'protectionist mindset'. Goyal also indicated that the government has reached final stages in Free Trade Agreements with few countries, which will lead to better opportunities for Indian exporters, the commerce ministry said in a release late Thursday.
Goyal's comments come at a time when there is heightened uncertainty over global trade because of the threat of reciprocal tariffs by US President Donald Trump. The US has already applied a 25% tariff on all its steel and aluminium imports, and is likely to impose a set of reciprocal tariffs as well in April. Trump has announced that his government will impose reciprocal tariffs on several countries, including India, from Apr. 2, based on the duty levied by them on American goods.
India and the US have agreed to negotiate a multi-sectoral bilateral trade agreement. Goyal has visited the US twice in the last fortnight for talks on the proposed reciprocal tariffs.
In his address to export promotion councils on Thursday, Goyal said the government is working overtime and will "leave no stone unturned to ensure a good future for Indian exporters". "Allaying the concerns of the industry with regard to the US, the Minister has called on the EPCs (export promotion councils) to reflect on their strengths and share their demands and interests with the government for better engagement with the US," the ministry said in the release. End
Reported by Shubham Rana
Edited by Akul Nishant Akhoury
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