‘India, US don’t compete as much as they complement each other: Piyush Goyal

‘Committed to boost trade to $500 bn via strong pact in next 6-8 months’

Agencies New Delhi

Union Minister of Commerce and Industry, Piyush Goyal, on Tuesday, said India and the United States do not compete as much as they complement each other, and discussions are underway with various stakeholders, both within and outside the government, to strengthen trade ties between the two nations. 

India and the US are committed to increasing bilateral trade to USD 500 billion and negotiating a "strong" trade agreement within the next 6-8 months, Goyal said. "This is a relationship between two friendly nations, trusted partners, and powerful democracies. We do not compete as much as we complement each other," said Goyal. Goyal said once his US counterpart takes charge, both countries will discuss the contours of the pact.

The Union Minister highlighted that India's position in global trade negotiations had been strengthened due to its focus on protecting domestic industries from non-market economies that lack transparent trading systems. "Our biggest concern has been economies that do not give equal access to India when we are trading with them. To protect domestic industries, higher tariffs have often been resorted to," he stressed.

A similar concern was noted for the US, where lower tariffs have led to market disruptions due to an influx of goods from such economies. "In a way, the problem of America is the same as India's...What we are working on is finding a way to resolve this issue for both countries," Goyal said.

According to the Union Minister, trade relations between India and the US have already been bolstered through strategic, bilateral, and multilateral engagements, including defence ties, education, and people-to-people connections. Apex business chambers have hailed PM Modi's visit to the US as a landmark event in strengthening India-US trade and investment relations.