US Prioritizes Trade with India, Further Diplomatic Meetings Expected
US and India on Verge of Concluding Interim Trade Agreement
The United States and India are nearing the conclusion of a highly anticipated interim trade agreement, with the deal expected to be signed within the coming weeks or months.
The US State Department has confirmed that the negotiations have entered their final stretch, with a recent visit by an Indian delegation to Washington DC last week to finalise the last 1% of the trade deal. In response, a US delegation is scheduled to visit India from June 1-4 to continue the talks.
Speaking at the US-India TRUST Initiative event at the Indian Institute of Technology (IIT) Delhi, US Ambassador to India Sergio Gor highlighted the exponential trajectory of the economic relationship between the two nations. Bilateral trade in goods and services has skyrocketed from just USD 20 billion to over USD 220 billion over the past two decades.
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| Year | Bilateral Trade in Goods and Services (USD billion) |
|---|---|
| 2000 | 20 |
| 2020 | 220 |
Gor emphasized India's evolution into a cornerstone strategic ally for Washington, stating that the US sees India's potential not only economically but strategically to the world. The US Ambassador hailed the cooperation and dialogue seen on various issues, and praised the efforts of US Ambassador to India, Sergio Gor, in strengthening the strategic partnership between the two nations.
US State Department Spokesperson Tommy Pigott has confirmed that the "balanced trade relationship" with India allows the US to "realise the full economic potential" and strengthen the bilateral relationship between the two countries. Pigott added that US President Donald Trump has made it clear that trade is a priority for Washington, and more meetings are expected with trade representatives to close the trade deal with India.
The US and India are on the cusp of a significant milestone in their economic relationship, with the signing of the interim trade agreement expected to have a profound impact on bilateral trade and cooperation.
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Investor Takeaway
US prioritizes trade with India, further diplomatic meetings expected to close the trade deal.
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