BackIndia-US partnership at a ‘defining moment’, says Goyal
Goyal emphasized that the bilateral trade between India and the US has been the highest in recent years and that the target of $2 trillion exports by 2030 is achievable, given India’s increasing prominence across the world and its strengthening partnerships with like-minded countries such as the US
PremiumNEW DELHI : India and the United States are at a “defining moment" in their partnership and will continue to work towards diversifying and deepening trade and investment ties for mutual growth and prosperity, said Commerce and industry minister Piyush Goyal, at the American Chamber of Commerce in India’s (AMCHAM) 31st Annual General Meeting on Thursday.
Goyal reiterated the “ChaleinSaathSaath: Forward Together We Go" motto as a symbol of the depth of the partnership between the two countries. He highlighted the 5Ts - Talent, Technology, Tradition, Trade, and Trusteeship - as identified by Indian Prime Minister Narendra Modi as the vision for the India-US relationship.
The minister emphasized that the bilateral trade between India and the US has been the highest in recent years and that the target of $2 trillion exports by 2030 is achievable, given India’s increasing prominence across the world and its strengthening partnerships with like-minded countries such as the US.
Goyal urged more US companies to establish their base in India and expand into newer markets, such as Africa and Southeast Asia. He emphasized that India offers assured prosperity and growth to US companies, with the recent policy reforms focused on macroeconomic parameters, affordable labor costs, inclusive and sustainable development, and improving the ease of doing business.
The minister said that businesses in both countries can work together to expand to the next level in various sectors such as defense manufacturing, pharmaceuticals, textiles, engineering products, auto components, electrical products, agricultural products, IT, accounting, business processes outsourcing, research & development, tourism, and more.
He stressed that India’s relationship with the world is cemented by the technical and managerial talent it offers to businesses worldwide, citing the example of many US corporations having Indian or Indian-origin CEOs.
Goyal also highlighted the multifarious interactions between India and the US at various platforms such as the Indo-Pacific Economic Framework for Prosperity (IPEF), US-India CEO Forum, Quad, and others.
He said that the comprehensive and strategic partnership between the two countries is based on the strong foundation of shared values, commitment to the rule of law, transparency, freedom of business, freedom of media, independent judiciary, and more.
The minister appreciated the role played by AMCHAM in providing impetus for the India-US partnership and released two reports at the event: “The India Edge - US Industries Catalysing the Growth Trajectory" and “Future of Urban Mobility - Integration of Platforms."
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