Piyush Goyal: India and US Are Complementary Partners
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Synopsis
Union Minister Piyush Goyal emphasized that India and the US complement each other rather than compete. He highlighted ongoing discussions to strengthen trade ties, with a goal of reaching $500 billion in trade by 2030, and outlined the importance of mutual cooperation in various sectors.
Key Takeaways
- India and the US complement each other.
- Goal to double trade to $500 billion by 2030.
- Focus on protecting domestic industries.
- Strengthened trade relations through strategic engagements.
- AI infrastructure roadmap by end of the year.
Mumbai, Feb 18 (NationPress) Union Minister of Commerce and Industry, Piyush Goyal, stated that India and the United States do not primarily compete but rather complement each other. He mentioned that discussions are ongoing with various stakeholders, both governmental and non-governmental, to enhance trade relations between the two countries.
During his virtual address at the NDTV Profit Conclave, Goyal emphasized India's goal to double trade with the US to $500 billion by 2030.
He remarked, "This is a relationship between two friendly nations, trusted partners, and powerful democracies. We do not compete as much as we complement each other," underscoring the importance of mutual cooperation.
The Minister pointed out that India's stance in global trade negotiations has improved, focusing on safeguarding domestic industries from non-market economies that operate without transparent trading systems. "Our primary concern has been economies that do not provide equal access to India when we engage in trade with them. To protect domestic industries, we have often resorted to higher tariffs," he stated.
A similar issue was observed in the US, where reduced tariffs have caused market disruptions due to an influx of imports from such economies.
Goyal added, "In a way, America's problem mirrors India's... What we are striving for is to find a resolution for both nations."
As per the Union Minister, trade relations between India and the US have already been reinforced through strategic, bilateral, and multilateral engagements, encompassing areas like defence, education, and interpersonal connections.
Leading business organizations have celebrated Prime Minister Narendra Modi’s recent visit to the US as a pivotal moment in fortifying India-US trade and investment ties.
Several concrete outcomes from the Prime Minister’s visit include enhanced cooperation in defence, counter-terrorism, energy security (including both fossil fuels and nuclear power), and investment, along with capitalizing on India's human resources.
Another significant development is the establishment of a US-India roadmap aimed at accelerating AI infrastructure by the end of the year. Achieving the ambitious $500 billion bilateral trade target by 2030 is highly feasible, and an agreement on a Bilateral Trade Agreement would create new avenues for trade and investment between the two nations.
