India, US keen to strengthen economic relations, strategic partnership: Goyal

New Delhi: Union minister for commerce and industry Piyush Goyal on Saturday said that both India and US are keen to continue to work to strengthen economic relations and strategic partnership, according to an official statement.

Piyush Goyal was addressing an event hosted by US-India Strategic Partnership Forum in Los Angeles.

“Both the Indian government and the US government desire to strengthen economic relations & strategic partnership, adding that the strong bond with the people of the United States will transcend into business and government very rapidly,” the Union minister said.

Goyal said two free trade agreements (FTAs) have already been finalised this year, and hoped for the conclusion of at least two more by the end of this year.

Reiterating that India is expanding its international engagements with countries across the globe, Goyal noted that having lived, worked and benefited from countries like the US, the Indian diaspora understands the importance of international engagements.

According to the ministry, Goyal emphasised that working with 30 million Indian diaspora all over the world and working with friendly countries like the US and Europe can significantly change the course of history.

Reiterating that India is on course to becoming a $30 trillion economy in the next 25-30 years, the minister asked the Indian diaspora to grab the opportunity that the growth story of India offers.

The Indo-Pacific Economic Framework for Prosperity (IPEF) was launched jointly by the USA and other partner countries of the Indo-Pacific region on May 23, 2022, in Tokyo.

India joined the IPEF and Prime Minister Narendra Modi attended the launch event along with US President Joe Biden, Japanese Prime Minister Kishida Fumio and other leaders from partner countries. Previously, virtual Ministerial Meetings were held immediately after the launch on May 23 and thereafter from July 26-27, 2022.

India is committed to a free, open and inclusive Indo-Pacific Region and would work towards deepening economic cooperation among partners for the growth and prosperity of the region. The framework is inclusive and allows flexibility to partner countries to associate with pillars based on their respective priorities, the Ministry of Commerce and Industry said in a statement.