India wants to strengthen economic relations with the US during the second term of the newly elected US President Donald Trump. Commerce Minister Piyush Goyal said this in response to a question from journalists in New Delhi on Friday (January 3). British news agency Reuters reported this news.
Pointing out that Indian Prime Minister Narendra Modi's regime maintained good relations with the previous Obama, Trump and Biden administrations, Goyal said, Delhi is optimistic about maintaining strong and meaningful relations with the new US administration as well.
Before the start of his second term, Trump has kept the world on edge with trade threats. For example, he has threatened to impose 60 percent duty on imported products from China. Delhi is also trying to strengthen ties with Washington while seeking ways to protect its manufacturers from Trump's tariffs.
Bilateral trade with the US, India's largest trading partner, crossed USD 118 billion in FY 2023-24. During this period India achieved a surplus of 32 billion dollars.
Traders believe that the trade volume may increase by USD 50 billion in the next two to three years. From this, there is an indication of the increase in the level of strong commercial cooperation between the two countries.
India's government and industry bodies are advocating for a comprehensive trade and investment agreement, which will help integrate Indian manufacturing into global supply chains, while maintaining the principle of protecting national interests.
Indian financial year starts from 1 April and ends on 31 March of the following year. Piyush Goyal told reporters that in the current financial year 2024-25, the financial value of India's trade in goods and services may exceed 800 billion dollars.
