Trade Relations Between India and the United States Remain Strong, Says Minister Goyal
New Delhi, November 18 (ANI): Union Commerce and Industry Minister Piyush Goyal reassured that the relationship between India and the United States is robust and continues without any interruption. Speaking at the 22nd Indo-US Economic Summit hosted by the Indo-American Chamber of Commerce (IACC), he emphasized the strategic importance of this partnership.
Goyal stated, “There is no reason for concern. Our relationship is very crucial for both India and the United States.” He highlighted that the ties are evolving across various sectors, including economics, strategic cooperation, and defense.
The minister described the Indo-US relationship as a strong partnership grounded in shared democratic values and a commitment to global prosperity. He acknowledged that while some areas may progress more slowly than others, the overall outlook remains positive.
Addressing concerns from industry stakeholders regarding delays in the Bilateral Trade Agreement (BTA), Goyal assured that negotiations are actively taking place. He stressed that India will ensure its national interests, particularly protecting the needs of farmers, fishermen, and small industries, before finalizing any deals. “When we find a fair and balanced approach, you will hear the good news,” he added.
He also pointed to significant achievements, including a recent 10-year defense agreement between India and the US, enhancing long-term security collaboration. Additionally, a new contract for India to import LPG from the US highlights the strengthening energy cooperation between the two nations.
Goyal noted that the Indo-US partnership is built on “strong pillars of democracy, diversity, and development.” He characterized both nations as dependable allies working toward mutual benefits and global economic stability. He reiterated that the US regards India as a trustworthy, long-term partner.
Highlighting India’s potential as an investment destination, Goyal mentioned that the returns on investment in India are among the highest globally. Many international companies have experienced significant profits by investing in the country, showcasing India’s solid economic foundations.
He expressed optimism about India’s export growth, predicting that exports will surpass previous years, despite concerns about US tariffs affecting trade. Goyal dismissed these worries, asserting that exports are on a continuing upward trend.
On the sidelines of the summit, he shared that the government is actively negotiating with major trade partners, including the European Union, and expressed hope that outstanding issues could be resolved soon. India’s strategy includes diversifying products and markets for exports, especially in the fisheries sector.
Despite facing some challenges, Goyal remained confident that shrimp exports would continue to rise. He concluded, “When trade agreements are fair and balanced, you will hear good news.”
This positive outlook on trade underscores the ongoing commitment to and development of India-US relations.
