India, US Moving Beyond Traditional Trade Ties Into High-Value Sectors: Piyush Goyal
New Delhi: The India-US economic relationship is moving beyond a traditional trade relationship and increasingly encompasses investment, manufacturing, technology, innovation, resilient supply chains, and the creation of high-value capabilities in both countries, Commerce and Industry Minister Piyush Goyal has said.
According to an official statement on Wednesday, Goyal arrived in Milwaukee, US, to attend the G20 Trade Ministers’ Meeting. He was received by Consul General of India in Chicago, M. Anand Prakash, upon his arrival.
A Commerce Ministry statement said that Goyal interacted with CEOs and senior executives of prominent US manufacturing and technology companies at a business roundtable hosted by the National Association of Manufacturers (NAM).
NAM represents a substantial share of leading US manufacturing companies, contributing significantly to the US manufacturing GDP of around $3 trillion.
“The CEOs and senior executives shared their views on the opportunities emerging in India and their companies’ perspectives on expanding partnerships in the country. Shri Piyush Goyal stated that the Government of India is ready to facilitate companies in their operations, expansion and investments in India,” the statement said.
Goyal also attended a reception hosted by the Business Roundtable (BRT) and NAM at the global headquarters of Rockwell Automation. He interacted with Trade Ministers from other G20 countries and senior business leaders of US companies.
The minister highlighted the strong momentum in the India-US economic ties, along with India’s expanding industrial base and skilled workforce. He also invited American manufacturers to explore opportunities to deepen their presence in India, partner with Indian SMEs, and co-invest in advanced manufacturing to build resilient supply chains that create value for both economies.
Meanwhile, as India and the US aim to advance negotiations on a balanced and mutually beneficial Bilateral Trade Agreement (BTA), Goyal’s upcoming engagement with the US Trade Representative (USTR) Jamieson Greer is being seen as key to achieving the trade deal faster.
The minister would also hold a series of bilateral engagements in the US, aimed at strengthening trade and investment ties.
(IANS)
