Piyush Goyal presses for U.S.-India trade, economic partnership

Commerce, Industry and Textiles Minister Piyush Goyal made a strong pitch on October 7 for India and the U.S. to strengthen economic and trade ties, stating that the two countries were “not really competitors” and had complementary strengths.

“India is a trusted partner and ally of the U.S. I do believe that going forward, that it is in the interest of both countries to strengthen our strategic partnership into a more comprehensive economic and trade partnership also,” the Minister said at the India Ideas Summit hosted by the U.S. India Business Council (USIBC).

“We can collaborate in so many areas and strengthen each other’s economies. The U.S. has huge investment surpluses that can be used in India for promoting infrastructure development and also to make India a manufacturing base to help you grow your economy, help provide goods and services to you at affordable prices,” he said.

U.S. healthcare costs, for instance, could be lowered significantly with India’s help, including the supply of trained paramedics, while it could provide quality products across sectors like pharmaceuticals, textiles, gems and jewellery and leather products, Mr. Goyal said.

“This can help the Indian and U.S. economies to support each other on equitable and fair terms,” the Minister concluded. The U.S. had recently conveyed to India that a free trade agreement that was being negotiated with the erstwhile Donald Trump administration, is off the table for now.