India, US vow to expand economic ties

India and the US Thursday pledged to expand their bilateral trade and economic partnership with a view to promoting investment and job creation.

According to a joint statement issued after the inaugural India-US Ministerial 2+2 Dialogue, the two nations also agreed to work collectively with other partner countries in the Indo-Pacific region to support transparent, responsible and sustainable debt financing practices in infrastructure development.

The statement was issued after a meeting between Minister of External Affairs Sushma Swaraj and Minister of Defence Nirmala Sitharaman, and US Secretary of State Michael R Pompeo and Secretary of Defense James N Mattis here.

The ministers recognised the importance and the potential for increasing bilateral trade, investment, innovation and job creation in both countries.

"Both sides committed to further expanding and balancing the trade and economic partnership consistent with their leaders' 2017 joint statement, including by facilitating trade, improving market access, and addressing issues of interest to both sides," the statement said.

They welcomed the ongoing exchanges between the Ministry of Commerce of India and the Office of the United States Trade Representative and hoped for mutually acceptable outcomes.

India-US bilateral trade is estimated at around USD 74.5 billion.