US-India Economic Ties Reaches New Milestone

By siliconindia   |   Friday, 01 September 2023, 23:43 IST
cmt right
Comment Right
cmt right
cmt right
Printer Print Email Email
US-India Economic Ties Reaches New Milestone

US-India trade relationship to reach new heights, with both countries working to further align their economies, says US trade representative Katherine Tai.

The trade representative of the US, Katherine Tai, has ensured that the US-India relationship is reaching new heights with an alignment across all the policy areas. Tai, on her visit to New Delhi for the B20 summit, stated that the trade relationship between the US and India has reached great heights, and it is hard to unsee the growth anymore. This diplomacy is an achievement of a decade of efforts of predecessors from both nations.

Modi’s official state visit to the US took place much recently in June 2023. Bilateral disputes in terms of trade, defense, education, and aerospace and cooperation between both nations were addressed in this visit, leading to effective decisions. Tariffs concerning trade challenges between both nations were pending for years, which finally concluded with an agreement among both nations. PM Modi expressed India’s keen interest in being recognized as a Trade Agreements Act-designated country by the US to further enhance the integration of both economies and promote trade and investment between the two countries.   

Both parties are consistently working to surpass previous achievements, thus, addressing historical conflicts efficiently and identifying areas of economic alignment. Their key focus relies on leveraging each other's strengths to foster future growth and cooperation.

A traditional free-trade agreement can hold a crucial power in accomplishing goals in liberalizing trade, where the framework meticulously comes with costs. Both the US and India are making talks to adapt approaches from a mere traditional, fully comprehensive liberalizing model to a more strategic approach. 

Tai, during her visit to India, also added that Washington is in for a varied kind of win-win outcome, figuring out how both nations complement themselves for a secure and resilient industrial development. She concluded that India is undoubtedly a unique, adaptable partner of the US in defense, space, and cooperation.