To additional strengthen the financial system of India and the United States, commerce and business minister Piyush Goyal on Thursday pitched for a stronger trade and economic partnership between the 2 nations.
Close partnership between each nations is central to a free, open, inclusive and affluent Indo-Pacific area, the minister mentioned. “India is a trusted partner and ally of the US. Going forward, it is in the interest of both countries to strengthen strategic partnership into a more comprehensive economic and trade partnership also,” Goyal mentioned on the US India Business Council’s (USIBC’s) forty sixth annual normal assembly and India Ideas summit.
“India and the US can collaborate on many areas and strengthen each other’s economies. The US has a huge investment surplus that can be used for infrastructure investment in India. We can help bring down the healthcare costs in the US,” Goyal mentioned.
Since India is recognised as a significant defence accomplice of the US, Goyal additionally referred to as for a number of dialogues throughout areas of vitality, well being, trade and innovation to enhance business-to-business relationships and present the folks of each international locations with higher providers and alternatives.
The minister’s assertion comes within the backdrop of the US indicating that they don’t seem to be taking a look at a brand new trade settlement with India. In the previous, India had in depth discussions with the US on a restricted trade deal. However, the deal did not get via with the change within the US administration to start with of the yr.
India can also be making an attempt to ink trade offers with its key buying and selling companions and ‘like-minded’ nations such because the UK, Australia, European Union and UAE. As far because the US is anxious, it’s India’s second largest buying and selling accomplice.
The minister additional mentioned that India-US relationship had developed to a worldwide strategic partnership, primarily based on the convergence on bilateral, regional and world points. Besides, Prime Minister Narendra Modi and the US President Joe Biden have been proactive in deepening relations between each nations.
“India and the US need to leverage our complementary strengths in technology, finance, production and supply and enhance cooperation in electronic manufacturing, Fintech, Ed-tech, pharma and health, biotechnology, etc”, he added.