diff --git a/internal/checker/emitresolver.go b/internal/checker/emitresolver.go
index 7bf3719e58f..6054a2a7cd9 100644
--- a/internal/checker/emitresolver.go
+++ b/internal/checker/emitresolver.go
@@ -164,6 +164,13 @@ func (r *EmitResolver) determineIfDeclarationIsVisible(node *ast.Node) bool {
 		// If the node is not exported or it is not ambient module element (except import declaration)
 		if r.checker.getCombinedModifierFlagsCached(node)&ast.ModifierFlagsExport == 0 &&
 			!(node.Kind != ast.KindImportEqualsDeclaration && parent.Kind != ast.KindSourceFile && parent.Flags&ast.NodeFlagsAmbient != 0) {
+			// A declaration that is the target of an `export =` in its containing external
+			// module is externally visible, even though it isn't itself marked `export`.
+			// This mirrors the visibility marking done for export assignments, which would
+			// otherwise be skipped for modules that are referenced but never emitted.
+			if r.isExportEqualsTargetDeclaration(node) {
+				return true
+			}
 			return ast.IsGlobalSourceFile(parent)
 		}
 		// Exported members/ambient module elements (exception import declaration) are visible if parent is visible
@@ -233,6 +240,25 @@ func (r *EmitResolver) determineIfDeclarationIsVisible(node *ast.Node) bool {
 	}
 }
 
+// isExportEqualsTargetDeclaration reports whether the given declaration's symbol is the
+// entity referenced by an `export =` in its containing external module. Such a declaration
+// is externally visible because the `export =` re-exports it.
+func (r *EmitResolver) isExportEqualsTargetDeclaration(node *ast.Node) bool {
+	symbol := r.checker.getSymbolOfDeclaration(node)
+	if symbol == nil {
+		return false
+	}
+	moduleSymbol := r.checker.getExternalModuleContainer(node)
+	if moduleSymbol == nil || moduleSymbol.Exports == nil {
+		return false
+	}
+	exportEquals := moduleSymbol.Exports[ast.InternalSymbolNameExportEquals]
+	if exportEquals == nil {
+		return false
+	}
+	return r.checker.getSymbolIfSameReference(exportEquals, symbol) != nil
+}
+
 func (r *EmitResolver) PrecalculateDeclarationEmitVisibility(file *ast.SourceFile) {
 	r.checkerMu.Lock()
 	defer r.checkerMu.Unlock()
diff --git a/testdata/baselines/reference/submodule/compiler/exportAssignmentMembersVisibleInAugmentation.errors.txt b/testdata/baselines/reference/submodule/compiler/exportAssignmentMembersVisibleInAugmentation.errors.txt
deleted file mode 100644
index 74964cf34b0..00000000000
--- a/testdata/baselines/reference/submodule/compiler/exportAssignmentMembersVisibleInAugmentation.errors.txt
+++ /dev/null
@@ -1,23 +0,0 @@
-/a.ts(3,26): error TS4060: Return type of exported function has or is using private name 'T'.
-
-
-==== /node_modules/foo/index.d.ts (0 errors) ====
-    export = foo;
-    declare namespace foo {
-        export type T = number;
-    }
-    
-==== /a.ts (1 errors) ====
-    import * as foo from "foo";
-    declare module "foo" {
-        export function f(): T; // OK
-                             ~
-!!! error TS4060: Return type of exported function has or is using private name 'T'.
-    }
-    
-==== /b.ts (0 errors) ====
-    import * as foo from "foo";
-    declare module "foo" {
-        export function g(): foo.T; // OK
-    }
-    
\ No newline at end of file
diff --git a/testdata/baselines/reference/submodule/compiler/exportAssignmentMembersVisibleInAugmentation.js b/testdata/baselines/reference/submodule/compiler/exportAssignmentMembersVisibleInAugmentation.js
index beb1cc76b9e..29fdf646b7e 100644
--- a/testdata/baselines/reference/submodule/compiler/exportAssignmentMembersVisibleInAugmentation.js
+++ b/testdata/baselines/reference/submodule/compiler/exportAssignmentMembersVisibleInAugmentation.js
@@ -27,6 +27,11 @@ Object.defineProperty(exports, "__esModule", { value: true });
 Object.defineProperty(exports, "__esModule", { value: true });
 
 
+//// [a.d.ts]
+declare module "foo" {
+    function f(): T;
+}
+export {};
 //// [b.d.ts]
 import * as foo from "foo";
 declare module "foo" {
diff --git a/testdata/baselines/reference/submodule/compiler/exportAssignmentMembersVisibleInAugmentation.js.diff b/testdata/baselines/reference/submodule/compiler/exportAssignmentMembersVisibleInAugmentation.js.diff
deleted file mode 100644
index 8329b7c720a..00000000000
--- a/testdata/baselines/reference/submodule/compiler/exportAssignmentMembersVisibleInAugmentation.js.diff
+++ /dev/null
@@ -1,14 +0,0 @@
---- old.exportAssignmentMembersVisibleInAugmentation.js
-+++ new.exportAssignmentMembersVisibleInAugmentation.js
-@@= skipped -26, +26 lines =@@
- Object.defineProperty(exports, "__esModule", { value: true });
-
-
--//// [a.d.ts]
--declare module "foo" {
--    function f(): T;
--}
--export {};
- //// [b.d.ts]
- import * as foo from "foo";
- declare module "foo" {
\ No newline at end of file
diff --git a/testdata/baselines/reference/submoduleTriaged/compiler/exportAssignmentMembersVisibleInAugmentation.errors.txt.diff b/testdata/baselines/reference/submoduleTriaged/compiler/exportAssignmentMembersVisibleInAugmentation.errors.txt.diff
deleted file mode 100644
index 8deffb2f17a..00000000000
--- a/testdata/baselines/reference/submoduleTriaged/compiler/exportAssignmentMembersVisibleInAugmentation.errors.txt.diff
+++ /dev/null
@@ -1,27 +0,0 @@
---- old.exportAssignmentMembersVisibleInAugmentation.errors.txt
-+++ new.exportAssignmentMembersVisibleInAugmentation.errors.txt
-@@= skipped -0, +0 lines =@@
--<no content>
-+/a.ts(3,26): error TS4060: Return type of exported function has or is using private name 'T'.
-+
-+
-+==== /node_modules/foo/index.d.ts (0 errors) ====
-+    export = foo;
-+    declare namespace foo {
-+        export type T = number;
-+    }
-+    
-+==== /a.ts (1 errors) ====
-+    import * as foo from "foo";
-+    declare module "foo" {
-+        export function f(): T; // OK
-+                             ~
-+!!! error TS4060: Return type of exported function has or is using private name 'T'.
-+    }
-+    
-+==== /b.ts (0 errors) ====
-+    import * as foo from "foo";
-+    declare module "foo" {
-+        export function g(): foo.T; // OK
-+    }
-+    
\ No newline at end of file
diff --git a/testdata/submoduleTriaged.txt b/testdata/submoduleTriaged.txt
index a5cc2830f8d..05f5afd4d52 100644
--- a/testdata/submoduleTriaged.txt
+++ b/testdata/submoduleTriaged.txt
@@ -30,7 +30,6 @@ compiler/declarationEmitTypeofRest.errors.txt.diff
 # Corsa changes how module augmentation interacts with export-equals and exported name visibility
 ## https://github.com/microsoft/typescript-go/issues/3481
 compiler/augmentExportEquals2.errors.txt.diff
-compiler/exportAssignmentMembersVisibleInAugmentation.errors.txt.diff
 
 # Corsa no longer emits the TS-1 internal diagnostic about pre-emit/post-emit diagnostic count mismatches
 ## https://github.com/microsoft/typescript-go/issues/3508