Speaking at the 20th Indo-U.S. Economic Summit hosted by the Indo-American Chamber of Commerce (IACC), U.S. Ambassador to India Eric Garcetti argues that bilateral relations between the US and India require a more ambitious strategy.
The ambassador continues, “Both countries should work to develop a bilateral relationship that is free of conflict.”
He spoke about wanting a partnership that was truly frictionless rather than accepting the progress made in recent months, such as reducing trade barriers and retaliatory tariffs.
‘Sharing ideas and potential for a sustainable cooperation between India and the U.S. for the next 25 years’ was the summit’s subject.
Garcetti believes that in order to improve trade and economic relations, the two nations should consider ways to lower tariffs and make regulatory agencies more dependable.
This comes after seven bilateral trade disputes between the United States and India were settled at the World Trade Organisation (WTO), where both nations agreed to lower the punitive levies and retaliatory tariffs on a number of products.
According to preliminary figures from the commerce ministry, bilateral trade between India and the United States rose to $128.55 billion in 2022–2023 from $119.5 billion the previous year. This shows an increase of 7.65%. Its value in 2020–21 was $80.51 billion. Due to the growing economic links between the two democracies, USA will overtake India as India’s top trading partner for merchandise products in 2022–203.
Nitin Gadkari, the chief guest at the same event and union minister for roads and highways, stated that the United States is the best country for India to build a collaboration with for cutting-edge technologies and vision.
There is a lot of research and innovation taking place in the United States. The necessity for our nation is now the ideal time to prepare with the US appropriate futuristic technology, futuristic vision, and futuristic development.
The ambassador claims that India displayed global leadership at the “most successful G20 in the history of the organisation” during the recently concluded G20 conference in New Delhi.
He goes on to say that both India and the United States are “great agricultural countries” and that there is a huge potential for agricultural commerce between them.
“We want India to rank among our top three global markets. Dairy and other industries’ productivity in this place has stabilised. Some of the tasks we could perform, like selling feed grains to India, boosting the well-being of Indian farmers, and assisting them in selling more milk in the market, may result in a win-win scenario. As India accepts more American imports, this might lead to an increase in exports from that country, he continues.
In response to questions about the market share of food and medications, the ambassador suggested that the two nations cooperate to converge criteria so that the goods may be pre-approved.
Garcetti’s calls for a cordial relationship came as India and Canada are embroiled in a diplomatic spat over the shooting of a pro-Khalistan leader in British Columbia. In a previous remark, Justin Trudeau, the prime minister of Canada, claimed that the Indian government had participated in an extrajudicial death there. When questioned by reporters on the margins of the meeting, the ambassador, however, declined to comment on the situation.
“It is not my place to comment on international affairs. We don’t discuss intelligence or criminal justice topics as a matter of business, he adds.