Washington, Feb 3 (NationPress) India's Ambassador to the United States, Vinay Mohan Kwatra, expressed his enthusiasm on Monday regarding the recent trade announcement between India and the US, labeling it as a significant WIN for a vital partnership fostered under the leadership of Prime Minister Narendra Modi and President Donald Trump.

In a message on X, Kwatra stated, "India and the USA unveil a trade deal that will create extensive new opportunities for both economies and the citizens of our remarkable nations. Today's announcements mark the start of an exciting new chapter in our collaboration."

This announcement also captured the attention of prominent US economist Steve Hanke, who highlighted India's recent trade-related policy measures aimed at enhancing growth and fortifying supply chains.

"India is lowering import duties on capital goods essential for processing critical minerals and producing lithium-ion battery cells. This policy is designed to lessen reliance on China," Hanke remarked in a post, further asserting, "MODI = FREE TRADE = GROWTH."

Industry leaders hailed the news as well, with the US-India Strategic Partnership Forum noting that the announcement reflects a robust political commitment from both nations to enhance economic connections and progress towards a comprehensive trade agreement.

In a statement, USISPF expressed its excitement over President Trump's announcement after his dialogue with Prime Minister Modi, reaffirming their mutual dedication to strengthening the US-India economic partnership and advancing a bilateral trade agreement.

The forum characterized India's reduction of its reciprocal tariff from 25% to 18% as an important and positive first step, while acknowledging that the particulars of the agreement are yet to be finalized.

"While the specifics of the agreement are still pending, today's announcement conveys strong political will from both parties to move toward a comprehensive US-India Bilateral Trade Agreement (BTA) that addresses tariffs, market access, non-tariff barriers, and various trade-related concerns across numerous sectors," the statement read.

According to USISPF, a bilateral trade agreement would provide significant advantages for businesses, workers, and consumers in both countries, while also bolstering supply chains and enhancing overall economic resilience.

The forum underscored that both governments have indicated that this announcement signifies the initiation of a more extended negotiation process.

"Both governments have clarified that this is merely the beginning, with further phases and negotiations expected in the upcoming months," USISPF added, expressing optimism about the constructive momentum generated by this recent announcement.

USISPF reiterated its commitment to collaborating closely with both the Government of India and the US Government to pursue the shared goal of expanding bilateral trade towards a target of $500 billion.

"A stronger US-India trade and investment relationship is not only essential for both economies but also fundamental to promoting a stable, resilient, and rules-based Indo-Pacific," the statement concluded.