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Piyush Goyal said India will defend its trade interests against proposed US tariffs, while expressing confidence that the India-US trade pact will be finalised soon.
A file photo of Piyush Goyal (PTI)
Union Commerce and Industry Minister Piyush Goyal on Sunday sought to allay concerns over the United States’ proposed Section 301 tariffs on India, saying New Delhi would safeguard its interests and remain focused on concluding a bilateral trade agreement with Washington.
Speaking at the Financial Express India’s Best Banks Awards in Mumbai, Goyal said there was no reason to be unduly concerned about the Section 301 investigation initiated by the United States Trade Representative (USTR), even as the two countries continue negotiations on a trade pact.
This came after the Trump administration recently proposed 12.5 per cent tariffs on India and 53 other countries after a USTR investigation under Section 301 of the US Trade Act of 1974 concluded that these countries did not impose a legal prohibition on the import of goods produced wholly or partly through forced labour.
Addressing the issue, Goyal said the proposed measure should not be a cause for alarm and expressed confidence in India’s ability to respond appropriately.
“So this (Section 301 investigation) is really a mechanism being created, given their (the US) constraints that the Congress is not going to support any of their actions (on reciprocal tariffs),” Goyal said.
“They are trying to create a competitive edge for India. So I don’t think (we need to) worry about Section 301, we’ll tackle it, it’s our responsibility,” he added.
He further indicated that the investigation was aimed at a specific country, though he stopped short of naming it.
“The (Section 301) investigation is directed at a particular country,” he said.
Goyal said India was waiting to see the final contours of the tariffs that may emerge from the process.
“We will protect India’s interests, and I am very confident that the (India-US trade) deal will come through. It will be a good deal,” he said.
TRADE NEGOTIATIONS CONTINUE
The minister’s remarks come as India and the United States are engaged in intensive negotiations to conclude the first tranche of a bilateral trade agreement.
Goyal said US Trade Representative Jamieson Greer is expected to visit India within the next two weeks for further discussions on the proposed pact. He had earlier indicated that an agreement could be reached by July.
Despite optimism over the negotiations, Goyal reiterated that India would not compromise on its core trade principles.
“India stands for fair and equitable trade,” he said, adding that any agreement signed by India would be “balanced” and that New Delhi would not negotiate based on externally imposed deadlines.
The minister also noted that shifting geopolitical realities could reshape global economic partnerships.
In a world where geopolitics remains in flux, he said, a “realignment of friends and friendships” would be inevitable.
FIRST TRANCHE MAY BE READY BY MID-JULY
Earlier, on June 5, Goyal had expressed confidence that India and the United States were moving swiftly towards finalising the first tranche of the bilateral trade agreement.
Speaking to reporters after the National Workshop on Seafood Exports in Visakhapatnam, Andhra Pradesh, Goyal said discussions held in New Delhi between June 2 and June 4 had been productive.
“We had excellent discussions from the 2nd to the 4th of this month,” Goyal said.
“We had a full team of officials from different divisions of trade from the USA in Delhi. I also met with them yesterday, and we are fast-moving towards closing all the open ends, and I think by sometime by the middle of next month or so we should be in a position to execute a very, very vibrant first tranche,” he added.
The minister said the proposed agreement would provide Indian exporters with advantages over competing countries.
“It is only the first tranche of our bilateral trade agreement, which will give preferential access to India over our competitors,” he said.
Goyal also indicated that another senior American delegation could visit India later this month as both sides work to finalise pending issues.
About the Author
Vani Mehrotra is the Deputy News Editor at News18.com. She has more than 10 years of experience in national and international news and has previously worked on multiple desks.
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