Top US trade body USIBC welcomes India as the new president of G20

India's G20 presidency will provide an international platform to highlight how the US-India economic partnership is shaping global economic growth, prosperity and resilience in the 21st century, a top American business body has said.

India formally assumed the G20 Presidency on Thursday.

Welcoming India as the new president of G20, the US India Business Council (USIBC) said it will engage with the governments of India and the United States to expand the partnership for global good.

India's G20 Presidency will provide an international platform to highlight how the US-India economic partnership is shaping global economic growth, prosperity, and resilience in the 21st century, it said on Friday.

Earlier in the day, US President Joe Biden said that India is a strong partner of the United States, and he looks forward to supporting my friend Prime Minister (Narendra) Modi during India's G20 presidency.

Together we will advance sustainable and inclusive growth while tackling shared challenges like the climate, energy, and food crises, Biden tweeted.

India has an opportunity to forge G20 action amidst unprecedented challenges, tweeted Nisha Desai Biswal, the Senior Vice President for International Strategy and South Asia at the US Chambers of Commerce.

India's G20 Presidency propels its role as an emerging leader in the global scenario, said Mukesh Aghi, president and CEO of the US India Strategic and Partnership Forum.

"The leadership also gives a stronger voice to the challenges faced by the developing world as New Delhi leads the way with its increasingly growing economy," he said.

"New Delhi can strive towards building an inclusive ecosystem with holistic mechanisms to address key global issues for the private sector, he said.

The G20 or Group of 20 is an intergovernmental forum of the world's major developed and developing economies.

It comprises Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US and the European Union (EU).

Together, they account for over 80 per cent of the global Gross Domestic Product, 75 per cent of international trade and two-thirds of the world population.