India-U.S. partnership is the defining moment of the 21st century

Union Minister Piyush Goyal urges American businesses to establish bases in India for the markets of Africa and Southeast Asia.

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Shri Piyush Goyal, Union Minister of Commerce & Industry, emphasised the value of the India-U.S. collaboration and reaffirmed the maxim “Chalein Saath Saath: Forward Together We Go.” He spoke about broadening and strengthening India-U.S. business and investment ties for both parties’ progress and prosperity. He spoke about the Prime Minister’s vision for the India-U.S. partnership, the 5Ts: talent, technology, tradition, trade, and stewardship.

The two countries bilateral trade has recently reached its highest level and is expected to multiply over the next few years. With India’s growing prominence and reputation worldwide and building alliances with nations that share similar values, the goal of US$2 trillion in exports by 2030 is attainable. Shri Piyush Goyal gave numerous instances of Indian businesses doing business in the United States and vice versa and showed how both countries’ economies benefited. He urged American businesses to base themselves in India and venture into uncharted territory like the markets of Africa and South-East Asia.

With the recent policy reforms implemented focusing on the core macroeconomic factors, low labour costs, inclusive and sustainable development, and improving ease of doing business, he claimed that India offers guaranteed prosperity and growth to U.S. corporations. The two countries bilateral trade is expanding quickly and has the potential to reach new heights. He emphasised the need for the sector to stand on its own by providing high-quality goods and services with little to no interference from the government. His remarks focused on the importance of Ms. Gina Raimondo’s recent trip to India to expand and develop the India-U.S. partnership.

The partnership between India and the United States has the potential to be one of the defining moments of the 21st century. With a combined population of nearly 1.6 billion people, the two countries represent the world’s largest democracies and have a shared interest in promoting peace, security, and prosperity. Over the past decade, the relationship has grown significantly over the past decade, with both countries deepening their cooperation in defense, trade, energy, and technology. The U.S. has become India’s largest trading partner, and India is now one of the fastest-growing economies in the world, with a young and highly skilled workforce. The two nations have also cooperated on critical global issues, such as climate change, cybersecurity, and counterterrorism. As India continues to rise as a global power, the U.S. sees it as a critical partner in promoting a free and open Indo-Pacific region. The relationship between India and the U.S. is not without its challenges. Still, both nations are willing to address these issues and work towards a stronger, more strategic partnership. As the world becomes increasingly complex and interconnected, the partnership between India and the U.S. will be essential in shaping the future of global politics, economics, and security.

He appreciated the important role played by AMCHAM and its impetus for the India-U.S. partnership. He also released two reports at the event.