India america trade
Exporters say that the target of taking bilateral trade to $ 500 billion by 2030 with the US and a plan to negotiate bilateral trade agreement will help India increase exports to the US. Exporters said that focusing on technology, defense and green energy will specially benefit India’s export sector and increase global competition. Ashwini Kumar, president of the Indian Export Organization Federation (Fio), underlined the importance of increasing bilateral trade by removing obstacles and streamlining processes.
Bilateral trade target of $ 500 billion
International business expert and Hitech Gears chairman Deep Kapooria said that the $ 500 billion bilateral trade target is a significant result of Prime Minister Narendra Modi’s high -level visit to Washington. He said, “Since India has a surplus in trade with the US, it will bring significant benefits to India in terms of increasing export to the world’s largest economy. The important thing here is that the two leaders have agreed to negotiate the first installment of mutually beneficial multi-regional bilateral trade agreement by the autumn of 2025. ”
American investors also benefit
Kapooria said that this decision will give a big boost to those American investors who want to come to India and are looking for new investment opportunities in India. He said, “This is a major opportunity for Indian industry to increase exports to the US as well as to connect with GVC (Global Value Chain) under the leadership of American companies.” In 2023, the US and India had bilateral trade in goods and services at $ 190.08 billion ($ 123.89 billion commodity trade and $ 66.19 billion service trade). That year, India’s goods export to the US was $ 83.77 billion, while imports were $ 40.12 billion, which led to a trade deficit of $ 43.65 billion in India’s favor. In the year 2023, the country’s service export to the US was $ 36.33 billion. While imports were $ 29.86 billion. Trade deficit (difference between imports and exports) was $ 6.47 billion in India’s favor.
(PTI/Language)
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