India, US discuss trade expansion strategies

Both nations are exploring ways of fostering trade and investment collaboration between their respective countries

August 28, 2023

The US stands as India's largest trading partner

In FY23, bilateral goods trade escalated to US$ 128.8 billion, up from US$ 119.5 billion in 2021-22

Both countries are considering expanding their partnership by enabling businesses to participate in government procurement opportunities within the other

In July, India and the US successfully settled six trade disputes that had been pending at the World Trade Organization

Commerce and Industry Minister Piyush Goyal and US Trade Representative Katherine Tai had discussions on ways to explore fostering trade and investment collaboration between their respective countries.

The US stands as India’s largest trading partner. In FY23, bilateral goods trade escalated to US$ 128.8 billion, up from US$ 119.5 billion in 2021-22. 

Media reports indicate that both nations are actively seeking to resolve their final trade dispute concerning poultry within the framework of the World Trade Organization (WTO). Additionally, they are considering expanding their partnership by enabling businesses from each country to participate in government procurement opportunities within the other.

In July, India and the US successfully settled six trade disputes that had been pending at the WTO, as part of their commitment made during Indian Prime Minister Narendra Modi’s visit to the US in June. During this visit, a joint statement emphasized India’s desire to attain recognition as a Trade Agreements Act-designated nation by the US, aiming to enhance economic integration and stimulate bilateral trade and investment.

Source: Times of India

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