New York, April 9 (NationPress) The India-US trade relationship has been significantly strengthened with the introduction of a new digital platform designed to unite businesses from both nations, paving the way towards the ambitious target of $500 billion in annual trade between these two leading democracies, as stated by Commerce Minister Piyush Goyal.

“Based on our mutual democratic principles, driven by entrepreneurial vigor and a relentless commitment to innovation, our collaboration is truly exceptional,” Goyal remarked during the unveiling of the India-US Trade Facilitation Portal at the Indian consulate-general in New York.

In a video address from New Delhi, he emphasized, “The growth of bilateral trade is accelerating towards the $500 billion goal established by both nations, and this objective should also encompass MSMEs (Micro, Small, and Medium Enterprises), our farmers, and fishermen to foster inclusivity,” he added.

“In this age of digital evolution and robust supply chains, we must prioritize self-reliance,” he noted.

Foreign Secretary Vikram Misri, who launched the portal remotely from Washington, pointed out that recent global events, including the Covid pandemic and shifting geopolitical dynamics, have underscored the necessity for diversified, resilient, and trustworthy supply chains.

“The disruptions we’ve experienced in recent years have revealed weaknesses in the global economic landscape and trade frameworks,” he stated.

“However, where there are weaknesses, opportunities also arise,” he remarked.

Misri highlighted the growing necessity for reliable partnerships, stable locations, and trustworthy collaborators, stating, “This context has given rise to the concept of a dedicated digital platform for trade facilitation.”

The Indian consulate described the portal as a digital bridge linking “Indian ingenuity with American enterprise.”

It provides US importers various options for newly onboarding suppliers via AI-powered matching and intelligent search for exporters, alongside a secure, personalized dashboard for real-time transaction monitoring.

Indian MSMEs are afforded a unique platform to display their offerings to US importers, which might not have been feasible otherwise.

Additionally, Indian businesses can engage in webinars with industry leaders such as Walmart and Costco, while also gaining insights into US regulatory compliance.

Misri praised the resilience of the trade trajectory between India and the US, which has persisted despite recent challenges from tariffs and global uncertainties.

With bilateral trade hitting a record $241 billion, this marks the fourth consecutive year that the US has held the position of India's largest bilateral trading partner.

“It’s impressive that such growth has been achieved amidst the volatility we’ve faced, both bilaterally due to tariff-related issues and globally due to economic instability,” he stated.

President Donald Trump’s trade war imposed a maximum tariff of 50 percent on India, which was later reduced to 18 percent, before becoming irrelevant following a US Supreme Court ruling that nullified most of the tariffs.

“Over time, the India-US trade partnership has shown remarkable resilience and dynamism, undeterred by recent challenges,” he added.

India's ambassador to the US, Vinay Kwatra, stated that Prime Minister Narendra Modi has made it clear that reaching the $500 billion mark in bilateral trade is a critical component of the Viksit Bharat initiative, aiming to transform India into a developed nation by 2047, the centenary of independence.

“Our current efforts will not only contribute to achieving the $500 billion trade mission but will also play a significant role in enhancing the economic benefits for our country,” he asserted.

Consul-General Binaya Srikanta Pradhan mentioned that importers and exporters have begun registering on the platform, receiving a positive response from various channels and export promotion councils.

All consulates are actively engaged in organizing virtual exhibitions and educational sessions, he added.

Later this month, the Seattle consulate will host a presentation by Costco, the major warehouse retailer with 646 locations across the US, detailing how to integrate into its supply chain.