iNDICA NEWS BUREAU-
Union Minister of Commerce and Industry, Piyush Goyal, emphasized on Tuesday that India and the United States are not competitors but complementary partners, with ongoing discussions aimed at enhancing trade relations between the two nations.
In his virtual address at the NDTV Profit Conclave, Goyal highlighted India’s goal to double trade with the U.S. to $500 billion by 2030, underscoring the strong partnership between the two countries.
“This is a relationship between two friendly nations, trusted partners, and powerful democracies. We do not compete as much as we complement each other” he said.
Goyal also addressed India’s position in global trade negotiations, emphasizing the country’s focus on protecting domestic industries from non-market economies that lack transparent trading practices. He pointed out that India has often resorted to higher tariffs to safeguard its industries from such economies.
Similarly, he noted that the U.S. faces challenges from lower tariffs, which have led to market disruptions due to the influx of goods from these economies. “In a way, the problem of America is the same as India’s…What we are working on is finding a way to resolve this issue for both countries,” he added.
Trade relations between India and the U.S. have already been strengthened through strategic, bilateral, and multilateral engagements, particularly in areas like defence, education, and people-to-people connections.
Apex business chambers have praised Prime Minister Narendra Modi’s recent visit to the U.S. as a milestone in reinforcing India-US trade and investment ties. The visit resulted in tangible outcomes, including enhanced cooperation in defence, terrorism, energy security (including fossil fuels and nuclear power), and trade.
Another significant achievement was the development of a roadmap for accelerating AI infrastructure by the end of the year. Goyal expressed confidence that the target of $500 billion bilateral trade by 2030 is achievable, with the negotiation of a Bilateral Trade Agreement paving the way for new trade and investment opportunities.
(Photo courtesy: IANS)
