India-U.S. bilateral trade highest in last couple of years; aimed to increase multifold

India-U.S. partnership is the defining moment of the 21st century: Sh. Goyal

India-U.S. bilateral trade highest in last couple of years; aimed to increase multifold

New Delhi: Union Minister of Commerce & Industry, Textiles and Consumer Affairs, Food & Public Distribution Shri Piyush Goyal said that the India-U.S. partnership is the defining moment of the 21st century and reiterated the “ChaleinSaathSaath: Forward Together We Go” motto underscoring the depth of the partnership. During his Inaugural Address on 'US-India Partnership: Forging Ahead' at the American Chamber of Commerce in India (AMCHAM) India's 31st Annual General Meeting today in New Delhi, he talked about diversifying and deepening India-U.S. trade and investment ties for mutual growth and prosperity.

The Minister emphasised that the leaders of both countries, Prime Minister of India, Shri Narendra Modi and President of the United States of America, Mr. Joe Biden, understand each other and work smoothly together to find solutions to complex geopolitical problems around the world. Shri Goyal mentioned the 5Ts-Talent, Technology, Tradition, Trade and Trusteeship- identified by the Prime Minister as the vision for the India-U.S. relationship.

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The Minister noted that the bilateral trade between India and U.S. has been the highest in the last couple of years and said that it is aimed to increase multifold in the coming years. He said that the target of US$2 trillion in exports by the year 2030 is doable with the increasing eminence and recognition of India across the world and with strengthening partnerships with like-minded countries having shared values like the U.S.

Shri Piyush Goyal cited the examples of many Indian companies operating in the U.S. and vice versa and highlighted how significantly they are contributing to each other’s economy. The Minister said that these business relations are deepening the partnership between the two countries. He expressed hope that more and more U.S.-based corporations will work together with Indian companies in the near future.

The Minister encouraged companies from the U.S. to establish their base in India and expand to newer frontiers like the markets of Africa and South-East Asia. He said that India offers assured prosperity and growth to U.S. companies with the recent policy reforms undertaken with a focus on the fundamental macroeconomic parameters, affordable labour costs, inclusive and sustainable development and increasing ease of doing business.

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The Minister said that the businesses in both countries can work together to expand to the next level in many sectors like defence manufacturing, pharmaceuticals, textiles, engineering products, auto components, electrical products, agricultural products, etc. on the merchandise side while IT, accounting, business processes outsourcing, research & development, tourism, etc. on the services side. He said that the bilateral trade between both countries is growing rapidly and has tremendous potential to scale further heights.

He said that the technical and managerial talent offered by India to businesses around the world cements India’s relationship with the world; he cited the example of many U.S. corporations having Indian or Indian-origin CEOs.

The Minister said that Amrit Kaal is the defining period for India in which the demographic dividend is contributing to the growth of the economy bringing prosperity & future for the country. He said that the reform processes undertaken by the government in the last 9 years will turn India into a global manufacturing hub.

He said that the efforts of the government towards improving logistics infrastructure like connectivity, power, etc. is leading to a better quality of life for the people of India and enabling the aspirational youth to contribute to the rapid development of India. Shri Goyal stressed that it is important for the industry to stand on its own feet with the delivery of high-quality products and services with government interference in business to the minimum.

The Minister said that there is multifarious interaction between India and the U.S. at various platforms like the Indo-Pacific Economic Framework for Prosperity (IPEF), U.S.-India CEO Forum, Quad, etc. He said that the comprehensive & strategic partnership between India and the U.S. is based on the strong foundation of shared values, commitment to the rule of law, transparency, freedom of business, freedom of media, independent judiciary, etc. The Minister said that there is complementarity between the India-U.S. economy and both countries collaborate to make prosperous and rational decisions.

He mentioned the significance of the recent visit of United States Secretary of Commerce, Ms. Gina Raimondo to India for the strengthening and deepening of the India-U.S. Partnership. He said that during her visit, Ms. Raimondo met the Prime Minister of India, Shri Narendra Modi and praised his visionary leadership in transforming India. He said that Ms. Raimondo noted the efforts of the Government in eliminating poverty and improving the lives of the people of India through the efficient use of technology and effective policy formulations.

The Minister said that India is committed to the fight against climate change and praised the performance of India as it performed better than the commitments it had made with being among the top 5 countries in performance on climate action. He said that India is consistent in the fight against climate change under the visionary leadership of Prime Minister, Shri Narendra Modi who brought less developed, developing and developed countries together for the signing of the Paris Agreement.

The Minister appreciated the important role played by AMCHAM and the impetus provided by it for the India-U.S. partnership. He said that the collective effort between the leadership of both countries, warmth between people, etc. enables both the countries to partner in uncharted territories for mutual growth and development. The Minister also released two reports at the event: 1. The India edge - US Industries catalysing the growth trajectory and 2. Future of Urban Mobility- Integration of Platforms.

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