India aims to boost economic ties with US under Trump

India sees hope for fortifying economic links with the U.S. through greater economic partnerships between the U.S. under its new leadership in the government with India at various levels according to Indian Commerce Minister of and industry, Piyush Goyal here on Friday.

“We are looking forward to a very deep and substantive engagement with the new US administration,” Goyal said, underlining India’s consistent efforts to strengthen bilateral ties with the U.S. under Prime Minister Narendra Modi, from the administrations of Barack Obama, Donald Trump, and Joe Biden.

Bilateral trade between India and its largest trading partner, the United States, was over $118 billion in the year 2023/24. India is said to have a trade surplus of $32 billion. Further, the U.S.-India trade is to increase by yet another $50 billion in two to three years.

India is aggressively negotiating a deeper trade and investment agreement with the U.S. that will further facilitate Indian manufacturing’s integration into global supply chains while protecting the national interest. Goyal said India’s trade in goods and services is set to cross the $800-billion mark in fiscal 2024/25.

In the wake of the potential U.S. tariffs on Indian exports, India is trying to strengthen its relationship with Washington, especially in the face of Trump’s threats of high tariffs and restrictions on Chinese imports.