Wednesday, 09 Oct, 2024
By: Yash Gupte
India is the ninth most significant trading partner for the US, while US is India’s largest trading partner and export destination. Image Source: IANS
After a three-year hiatus, India and the US will host a commercial dialogue on March 10 to discuss collaboration in a variety of areas that might open up new trade and investment prospects between the two nations.
United States Secretary of Commerce Gina Raimondo will visit New Delhi from March 7 to March 10 to participate in the US-India commercial dialogue and CEO Forum and to meet with public and private sector leaders. After a three-year hiatus, India and the US will host a commercial dialogue on March 10 to discuss collaboration in a variety of areas that might open up new trade and investment prospects between the two nations. In February 2019, the most recent India-US Commercial Dialogue took place. Since then, it has been not possible to organize a commerce dialogue due to the epidemic and other circumstances.
In November 2022, Raimondo and Piyush Goyal, the commerce minister, soft-launched the US-India CEO Forum. Increased supply chain resilience, improved energy security, a reduction in global greenhouse gas emissions, the advancement of inclusive digital trade, and facilitating post-pandemic economic recovery, particularly for small businesses, were among the top priorities they identified during their meeting. “This is an optimistic time for US-India relations, and I am excited to visit India during such a special time of year, the celebration of Holi,” said Raimondo.
As reported by ANI, “Trade, Commerce and Economy had always enjoyed a place of prominence in the US- India multifaceted strategic bilateral relations. Today, the two countries are leading trading partners of each other. India is the ninth most significant trading partner for the US, while US is India’s largest trading partner and export destination.”
Considering the growing trade relations between India and USA and the visit of US Secretary of Commerce Gina Raimondo, India Tracker takes a look at trade between both the nations in last few years.
Source: United States Census Bureau
The trade between the world’s largest democracy and the world’s oldest democracy has continued to grow over the years. India exported goods worth $48,594.4 million to US in 2017 whereas India imported goods worth $25,647.8 million. The trade between the two nations increased exponentially in 2019 before dropping to a record low in 2020 due to the COVID-19 pandemic which resulted in disruptions in the global supply chains. The pandemic brought major hurdles in the flow of goods and services between India and US. But with great measures and fruitful commercial discussions and negotiations, the trade between India and US witnessed a record increase. From export of goods worth $51,199.8 in 2020, the exports from India increased to $73,172.6 in 2021. Later, in the year 2022, the exports from India jumped to $85,670.8 million. India has benefited a lot from the trade with US as the trade balance has been in India’s favour. The bilateral trade in goods saw very robust growth during the CY 2022, surpassing $131 billion in goods, thus doubling since 2014 while total trade in Goods and Services is expected to cross $180 billion. The US is also India’s third most significant source of FDI and the US is one of India’s top five investment destinations.
Commerce and Industry Minister Piyush Goyal at the Hindustan Times Leadership Summit in November 2022 had marked that the India-US bilateral trade in goods and services will reach USD 500-600 billion by 2030 as the relations between both the countries continue to strengthen.
