India-US partnership is the defining moment of the 21st century: Mr. Piyush Goyal
- Press Information Bureau
- May 8, 2023
Mr. Piyush Goyal, the Union Minister of Commerce & Industry, Textiles, and Consumer Affairs, Food & Public Distribution, stated that the India-US partnership is the defining moment of the 21st century and reiterated the motto ‘ChaleinSaathSaath: Forward Together We Go’ to emphasise the depth of the partnership. He spoke about broadening and strengthening India-US trade and investment ties in his inaugural address on the topic, ‘US-India Partnership: Forging Ahead,’ at the American Chamber of Commerce in India (AMCHAM) India's 31st Annual General Meeting in New Delhi on May 4, 2023.
The Minister stated that it is envisioned for bilateral trade between India and the US to rise substantially in the upcoming years, noting that it has been at its highest level in recent years. He remarked that a target of US$ 2 trillion in exports by 2030 is reachable given India's increasing eminence and recognition around the world and the expansion of its alliances with nations that share its values, such as the US.
The Minister encouraged American companies to base themselves in India and then venture out into newer markets like that of Africa and South-East Asia. With the recent policy reforms implemented with a focus on the core macroeconomic factors, low labour costs, inclusive and sustainable development, and improving ease of doing business, he claimed that India offers guaranteed prosperity and growth to US companies.
Mr. Piyush Goyal said that the businesses in both countries can work together to expand to the next level in many sectors like defence manufacturing, pharmaceuticals, textiles, engineering products, auto components, electrical products, agricultural products, etc. on the merchandise side while IT, accounting, business processes outsourcing, research & development, tourism, etc. on the services side.
According to the minister, there is a significant relationship between India and the US on a number of forums, including the Quad, the US-India CEO Forum, and the Indo-Pacific Economic Framework for Prosperity (IPEF).
He also recognised AMCHAM's crucial contribution and the boost it gave to the relationship between India and the US.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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