India-US must strengthen economic and trade partnership: Piyush Goyal

To further strengthen the economy of India and the United States, commerce and industry minister Piyush Goyal on Thursday pitched for a stronger trade and economic partnership between the two nations.

Close partnership between both nations is central to a free, open, inclusive and prosperous Indo-Pacific region, the minister said. “India is a trusted partner and ally of the US. Going forward, it is in the interest of both countries to strengthen strategic partnership into a more comprehensive economic and trade partnership also,” Goyal said at the US India Business Council’s (USIBC’s) 46th annual general meeting and India Ideas summit.

“India and the US can collaborate on many areas and strengthen each other's economies. The US has a huge investment surplus that can be used for infrastructure investment in India. We can help bring down the healthcare costs in the US,” Goyal said.

Since India is recognised as a major defence partner of the US, Goyal also called for multiple dialogues across areas of energy, health, trade and innovation to improve business-to-business relationships and provide the people of both countries with better services and opportunities.

The minister’s statement comes in the backdrop of the US indicating that they are not looking at a new trade agreement with India. In the past, India had extensive discussions with the US on a limited trade deal. However, the deal didn't get through with the change in the US administration in the beginning of the year.

India is also trying to ink trade deals with its key trading partners and ‘like-minded’ nations such as the UK, Australia, European Union and UAE. As far as the US is concerned, it is India’s second largest trading partner.

The minister further said that India-US relationship had developed to a global strategic partnership, based on the convergence on bilateral, regional and global issues. Besides, Prime Minister Narendra Modi and the US President Joe Biden have been proactive in deepening relations between both nations.

“India and the US need to leverage our complementary strengths in technology, finance, production and supply and enhance cooperation in electronic manufacturing, Fintech, Ed-tech, pharma and health, biotechnology, etc”, he added.