India, US to aspire for $500 bn trade in near future, says Piyush Goyal

Union Minister Piyush Goyal said India and US have agreed to aspire for $500 bn trade in near future, adding that world is looking for a trusted partner and that partner is India's business community

Union Commerce and Industry Minister Piyush Goyal on Saturday said India and the United States have agreed to aspire for USD 500 billion trade in near future, adding that the world is looking for a trusted partner and that partner is India's business community.

While addressing business and trade fraternity at Jain International Trade Organisation (JITO), Goyal said, "Government is working towards making India Aatmanirbhar. An Aatmanirbhar Bharat is about building capacity and confidence to engage with all. This will empower our industry to interact with all with quality, cost competitiveness and innovation."

According to a statement by the Commerce Ministry, India has emerged as the world's second most desirable manufacturing destination overtaking the US. This shows the potential and promise of India to become the "Manufacturing hub" of world.

He added that along with that, "we should also become a trading hub. The place where world comes to shop."

The minister noted that India is fast progressing in discussions on different free-trade agreements (FTAs) with countries, including the UK and the UAE, to further enhance trade and investment ties.

Goyal said traders and exporters are the twin pistons powering the economic growth engine of the nation. The minister said as policymakers, "we firmly believe in the capabilities of the business community as well as start-ups, which can make India the top economy globally in the next 25-30 years."

"Be it Ease of Doing Business or Ease of Living, Be it Transparency or Transfer of Benefits. Today, a robust foundation laid in last seven years, inspires us to dream big and write our own destiny. This is a New India, which will be built on mantra of Sabka Saath, Sabka Vikas, Sabka Vishwas & Sabka Prayas," said Goyal.The JITO is organising a 12-day long virtual expo connecting 1000s of businesses and entrepreneurs together to learn, earn and grow, the release stated.