India aims to strengthen economic ties with US, cooperate with Trump administration Reuters
NEW DELHI (Reuters) – India looks forward to strengthening its economic ties with the United States through cooperation with the new Trump administration, Indian Commerce Minister Piyush Goyal told reporters in New Delhi on Friday.
“We look forward to a very deep and meaningful engagement with the new US administration,” the commerce minister said, noting that India under Prime Minister Narendra Modi has strengthened bilateral relations with successive US administrations, including those led by Barack Obama, Donald Trump and Joe Biden.
Bilateral trade between India and the United States, India’s largest trading partner, exceeded $118 billion in 2023/24, with India recording a trade surplus of $32 billion.
Industry estimates indicate that trade could grow by an additional $50 billion within two to three years, highlighting the significant potential for stronger economic cooperation.
The government and industry groups are pushing for a broader trade and investment pact with the United States to help Indian manufacturers integrate into global supply chains while maintaining policy flexibility to protect national interests.
Goyal said India’s trade in goods and services is projected to exceed $800 billion in the 2024/25 fiscal year, which ends in March.
While it aims to protect its manufacturers from a potential increase in US tariffs on its exports, India is exploring ways to strengthen ties with Washington as Trump has threatened 60% tariffs and other restrictions on imports from China.
