The US has overtaken China to become India’s top trading partner in 2021-22.
The US has overtaken China to become India’s top trading partner in 2021-22.
US Commerce Secretary Gina Raimondo and Commerce and Industry Minister Piyush Goyal officially launched the US-India CEO Forum to bring together top-level business executives and discuss ways to strengthen economic and commercial ties between the two countries. has done.
They were joined by James Tacklett (President, President and CEO, Lockheed Martin Corporation) and Natarajan Chandrasekaran (Chairman, Tata Sons), as well as other members of the US and Indian CEO sections, US Department of the Forum’s private sector co-chairs of the Forum. of commerce said in a statement on Wednesday.
During the meeting, Raimondo and Goyal shared their priorities for bilateral relations with the members.
The leadership of each of the Forum’s seven working groups shared their strategic vision for the duration of their service, the statement said.
Ms Raimondo and Mr Goyal also announced their intention to hold an in-person meeting in early 2023.
The launch of the US-India CEO Forum comes ahead of the visit of US Treasury Secretary Janet Yellen.
Ms Yellen will travel to New Delhi on November 11 to participate in the US-India Economic and Financial Partnership.
The US has overtaken China to become India’s top trading partner in 2021-22, reflecting the growing economic ties between the two countries.
According to commerce ministry data, the bilateral trade between the two countries stood at USD 119.42 billion in 2021-22, while it stood at USD 80.51 billion in 2020-21.
India’s exports to the US increased to US$ 76.11 billion in 2021-22 from US$ 51.62 billion in the previous fiscal, while imports rose to US$ 43.31 billion as compared to around US$ 29 billion in 2020-21.
The US is one of the few countries with which India has a trade surplus. In 2021-22, India had a trade surplus of USD 32.8 billion with the US.
Trade experts believe that bilateral trade with the US will continue to grow in the coming years as New Delhi and Washington continue to strengthen economic ties.