India’s bilateral trade with the United States is set to experience significant growth, with a target to reach $ 500 billion by 2030 and plans for a new bilateral trade agreement. Exporters are optimistic that this will boost India’s exports to the US, particularly in sectors such as technology, defence, and green energy, making Indian exports more competitive globally.
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Ashwani Kumar, President of the Federation of Indian Export Organisations (FIEO), emphasised the importance of removing trade barriers and streamlining processes to foster growth in bilateral trade. International trade expert and Chairman of Hi-Tech Gears, Deep Kapuria, highlighted that the $ 500 billion target is a key outcome of Prime Minister Narendra Modi’s recent visit to Washington. He noted that India’s surplus trade with the US could result in significant export growth to the world’s largest economy.
Kapuria further explained that the agreement to negotiate a mutually beneficial multi-sector trade deal by the fall of 2025 would not only benefit India’s export sectors but also attract US investors to India, providing new investment opportunities. This could be a game-changer for Indian industries, allowing them to enhance exports and integrate into global value chains led by US companies.
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In 2023, bilateral trade between India and the US stood at $ 190.08 billion, with India’s merchandise exports to the US totaling $ 83.77 billion. India’s imports were $ 40.12 billion, resulting in a trade surplus of $ 43.65 billion. India’s services exports to the US were $ 36.33 billion, while imports totalled $ 29.86 billion, leaving a trade gap of $ 6.47 billion in favor of India.
(With PTI Inputs)
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