As India and the United States move closer to an interim trade agreement, Commerce and Industry Minister Piyush Goyal has downplayed concerns over Washington's proposed Section 301 tariffs, suggesting the move could ultimately strengthen India's position.
Speaking at a recent event, Goyal said the proposed Section 301 framework should not be viewed as a major threat to India and indicated that it may help create a competitive advantage for Indian exporters.
"So this (Section 301 investigations) 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)… they are trying to create a competitive edge for India," Goyal said at the Financial Express Best Banks Awards.
Trade Talks Enter Final Phase
The minister revealed that US Trade Representative Jamieson Greer is expected to visit India within the next two weeks as negotiations on the much-awaited interim trade deal enter the final stretch.
India and the US concluded another round of discussions in New Delhi last week, with both sides working to narrow differences on key issues.
"We will protect India's interests and I'm very confident that the (India-US trade) deal will come through. It'll be a good deal," Goyal said.
However, he reiterated that India would not negotiate under externally imposed deadlines and would only sign a pact that is "fair, equitable" and balanced.
What Is Section 301?
The US Trade Representative recently proposed a 12.5 per cent tariff on imports from India under a Section 301 investigation linked to concerns over products allegedly made with forced labour. Similar duties have been proposed for dozens of other countries.
Without naming China, Goyal suggested the investigation was largely aimed at addressing concerns involving another major trading partner.
"The (Section 301) investigation is directed at a particular country," he said.
India Open To Chinese Investments, Not Takeovers
On China, Goyal said India remains open to investments from Chinese companies, provided they are in strategic sectors and do not involve opportunistic acquisitions of Indian assets.
"The government has no problem with investments from China so long as they are in the desirable sectors and not meant for opportunistic takeover of Indian assets," he said.
Exports In Focus
The minister also outlined India's ambitious export targets, saying the country aims to achieve $1 trillion in goods and services exports this financial year, up from $863 billion in 2025-26.
The longer-term goal is to reach $2 trillion in exports by 2030-31 and $6 trillion by 2047.
