INVC NEWS
New Delhi ,
Union Minister of Commerce & Industry, Textiles and Consumer Affairs, Food & Public Distribution, Shri Piyush Goyal, spoke at American Chamber of Commerce in India’s (AMCHAM) 31st Annual General Meeting, where he emphasized the importance of the India-US partnership, which he referred to as the defining moment of the 21st century. He discussed the need to diversify and deepen India-US trade and investment ties, and highlighted that the bilateral trade between India and the US has been the highest in recent years, with a target of US$2 trillion exports by the year 2030.
In his inaugural address, Shri Piyush Goyal noted that the Prime Minister of India, Shri Narendra Modi, and President of the United States of America, Mr. Joe Biden, understand each other and work together to find solutions to complex geopolitical problems around the world. He mentioned that the 5Ts – Talent, Technology, Tradition, Trade, and Trusteeship – have been identified by the Prime Minister as the vision for the India-US relationship.
India and the US have a strong partnership based on shared values, commitment to the rule of law, transparency, freedom of business, freedom of media, and an independent judiciary. Shri Goyal noted that there is complementarity between the India-US economy and both countries collaborate to make prosperous and rational decisions.
The Minister cited the examples of many Indian companies operating in the US and vice versa, highlighting how significantly they are contributing to each other’s economy. He encouraged companies from the US to establish their base in India and expand to newer frontiers like the markets of Africa and South-East Asia, offering assured prosperity and growth to US companies with recent policy reforms undertaken by the Indian government with a focus on the fundamental macroeconomic parameters, affordable labor costs, inclusive and sustainable development, and increasing ease of doing business.
The Minister noted that the technical and managerial talent offered by India to businesses around the world cements India’s relationship with the world. He said that the bilateral trade between both countries is growing rapidly and has tremendous potential to scale further heights. The businesses in both countries can work together to expand to the next level in many sectors like defense manufacturing, pharmaceuticals, textiles, engineering products, auto components, electrical products, and agricultural products on the merchandise side while IT, accounting, business processes outsourcing, research & development, and tourism on the services side.
Shri Goyal stressed that it is important for the industry to stand on its own feet with the delivery of high-quality products and services with minimal government interference in business. The Minister said that there is multifarious interaction between India and the US at various platforms like the Indo-Pacific Economic Framework for Prosperity (IPEF), US-India CEO Forum, Quad, etc.
During the visit of the United States Secretary of Commerce, Ms. Gina Raimondo, to India, the strengthening and deepening of the India-US partnership was discussed. Ms. Raimondo met the Prime Minister of India, Shri Narendra Modi, and praised his visionary leadership in transforming India. She noted the efforts of the Indian Government in eliminating poverty and improving the lives of the people of India through the efficient use of technology and effective policy formulations.
The Minister said that India is committed to the fight against climate change and praised the performance of India as it performed better than the commitments it had made, being among the top 5 countries in performance on climate action. India is consistent in the fight against climate change under the visionary leadership of Prime Minister, Shri Narendra Modi, who brought less developed, developing, and developed nations together to tackle this global challenge.
