New Delhi: Union Commerce and Industry Minister Piyush Goyal has expressed confidence that India and the United States will successfully conclude a bilateral trade agreement, downplaying concerns over the proposed Section 301 tariffs announced by the US administration.
Speaking at the Financial Express India’s Best Banks Awards in Mumbai, Goyal said there was no need for undue concern regarding the Section 301 investigation initiated by the United States Trade Representative (USTR). The investigation recently led to a proposal for a 12.5 per cent tariff on imports from India and several other countries over concerns related to goods allegedly produced through forced labour.
Addressing the issue, Goyal described the move as part of a broader mechanism being developed by the United States amid domestic political constraints. He emphasised that the Indian government would take all necessary steps to safeguard national interests and respond appropriately to any trade-related challenges.
“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,” the minister said, signalling optimism about the ongoing negotiations between the two countries.
Goyal also suggested that the Section 301 investigation appeared to be directed primarily at a particular country, although he did not identify it by name. He noted that India would wait for greater clarity on the final structure and scope of any tariffs before assessing their impact.
The minister’s remarks come as New Delhi and Washington continue discussions aimed at finalising the first tranche of a bilateral trade agreement. According to Goyal, US Trade Representative Jamieson Greer is expected to visit India in the coming weeks to advance the negotiations.
Reiterating India’s position on trade, Goyal said the country remains committed to fair and equitable agreements that are balanced and mutually beneficial. He stressed that India would not negotiate under externally imposed deadlines.
Earlier this month, the minister indicated that the first phase of the trade pact could be finalised by mid-July. He said recent discussions between officials from both countries had been productive and that the proposed agreement could provide Indian exporters with a competitive advantage in global markets.
