Better relations: Modi (right) speaking to Trump during a meeting at Hyderabad House in New Delhi in this file photo from 2020. — Reuters
THE world’s most populous nation is looking to strengthen its economic relationship with the United States by engaging with the incoming Trump administration, India’s trade minister Piyush Goyal told reporters in New Delhi.
“We are looking forward to a very deep and substantive engagement with the new US administration,” the trade minister said on Friday, noting that under Prime Minister Narendra Modi, India has bolstered 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 US$118bil in 2023/24, with India registering a trade surplus of US$32bil.
Industry estimates suggest that trade could grow by an additional US$50bil (RM224.8bil) within two to three years, underscoring significant potential for stronger economic cooperation. The government and industry groups favour a broader trade and investment pact with the United States to help Indian manufacturers integrate into global supply chains while retaining policy flexibility to safeguard national interests.
Goyal said that India’s goods and services trade is projected to surpass US$800bil (RM3.6 trillion) in the 2024/25 fiscal year, ending in March.
While aiming to protect its manufacturers from potential US tariff hikes on its exports, India is exploring ways to strengthen ties with Washington as Trump has threatened tariffs of 60% and other curbs on imports from China. — Reuters
