'Mega Partnership Of Prosperity': Piyush Goyal On Goal To Double India-US Trade

India's efforts to double trade with the United States to $500 billion by 2030 were underscored by the Union Minister of Commerce and Industry, Piyush Goyal at the NDTV Profit Conclave. The minister stated that discussions are underway with various stakeholders, both within and outside the government, to strengthen trade ties between the two nations.

A "mega partnership of prosperity" was how Prime Minister Narendra Modi's relationship with the United States was described by Goyal, emphasising the shared goals of both countries.

"This is a relationship between two friendly nations, trusted partners, and powerful democracies. We do not compete as much as we complement each other," he said.

The minister highlighted that India's position in global trade negotiations had been strengthened due to its focus on protecting domestic industries from non-market economies that lack transparent trading systems.

"Our biggest concern has been economies that do not give equal access to India when we are trading with them. To protect domestic industries, higher tariffs have often been resorted to," he explained.

A similar concern was noted for the US, where lower tariffs have led to market disruptions due to an influx of goods from such economies, he added.

"In a way, the problem of America is the same as India's...What we are working on is finding a way to resolve this issue for both countries," Goyal said, adding that mutual concessions and tariff reductions were being explored to facilitate smoother trade between the two nations.

Trade relations between India and the US have already been bolstered through strategic, bilateral, and multilateral engagements, including defence ties, education, and people-to-people connections.

"Together, we are working on several initiatives. Trade will supplement our efforts to do much greater good for the people of India and the US," Goyal noted.

Indian industries should be confident in their competitiveness as there lies a massive opportunity ahead, Goyal said. "Those who are panicking today will regret tomorrow. This is a golden opportunity that will open a floodgate of business opportunities."

Modi's vision for a developed India was also highlighted, with Goyal crediting the prime minister for improving the quality of lives of Indians over the past decade. "Generations would pass where people struggled to build a home. PM Modi, through his laser focus on public welfare and development, has ensured a better quality of living," he said.