India is working to enhance its trade relationship with the United States under the incoming Trump administration, according to Trade Minister Piyush Goyal, who spoke to the media in New Delhi on Friday. Goyal emphasized India’s intent to engage deeply and substantively with the new US administration. He highlighted that India has consistently strengthened its ties with various US administrations, including those of Barack Obama, Donald Trump, and Joe Biden, under the leadership of Prime Minister Narendra Modi.
In 2023/24, bilateral trade between India and the US reached over $118 billion, with India enjoying a trade surplus of $32 billion. Experts estimate that this trade could grow by an additional $50 billion in the next two to three years, indicating substantial potential for deeper economic cooperation.
The Indian government and industry representatives are advocating for a broader trade and investment agreement with the US to help Indian manufacturers integrate into global supply chains while maintaining flexibility to protect national interests. Goyal projected that India’s goods and services trade would exceed $800 billion in the fiscal year 2024/25, ending in March.
While India aims to shield its manufacturers from possible US tariff hikes on exports, it is also exploring ways to strengthen ties with Washington amid Trumpβs threats of imposing tariffs and other restrictions on Chinese imports.
