US and India Aim at Advancing their Economic Value Mutually

By siliconindia   |   Friday, 21 April 2023, 13:00 IST
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US and India Aim at Advancing their Economic Value Mutually

The US, emerging as the primary trade partner of India, is all set to advance the economic growth of both nations with extended cooperation.                                          

The US Biden administration aims to work with India in alliances like the Quadrilateral Security Dialogue (QUAD) to advance economic growth and expand bilateral cooperation. India, the US, Japan, and Australia, with their extended cooperation, gave form for the long-pending proposal of establishing QUAD in 2017. It aims at developing new strategies to break free the critical sea routes in the Indo-Pacific space from any influence.

Karine Jean-Pierre, the White House Secretary, has underlined the strong bilateral relationship between the US and India in varied sectors, including trade space. She added that both democratic nations are working together and in groups to advance their economic growth and expand their cooperation over their shared priorities. President Biden also remarked that India is undoubtedly an essential partner for the US in the Quadrilateral Security Dialogue, to realize the shared vision of a free and open Indo-Pacific region.

The first-ever summit of the Quad leaders in the virtual format was hosted by US President Joe Biden in 2021, discussing a free, open, inclusive Indo-Pacific region, that is anchored by democratic values, and unaffected by coercion. This very announcement was an after-scenario of the US, rising as the largest trading partner of India in the current fiscal year. With the economic tiers between both nations strengthening vigorously, the US emerged as a major trading partner for India in 2022-2023.

Reports from the commercial ministry elucidate that the bilateral trade between India and the US has soared by 7.65 percent, rising to 128.55 billion USD. Previously, the bilateral trade was valued at 119.5 billion USD in the financial year 2021-2022, and 80.51 billion USD in 2020-2021.

India and the US are establishing effective partnerships in addressing global issues like counter-terrorism, and the political conflicts in the Indo-Pacific. Alongside this, both the democratic nations, with their shared values over commitment to democracy and upholding rules-based international systems, are fostering a more diplomatic relationship between the US and India. Their common interest aims at promoting global security, stability, and economic prosperity within the regions via trade, investment, and enhanced connectivity.