Commerce minister Piyush Goyal’s remark sets the right tone for effective talks between the two sides to maximise economic gains
Not just internal matters, Joe Biden has inherited a difficult legacy in matters of bilateral relations and trade. India-US trade relations have hit a rough patch after Donald Trump took over as the President,
New Delhi needs to reach out to Washington in a bigger way to fulfil its ambitious export target and integrate with global supply chains
Speaking at a digital conclave on 'Indo-US Trade Cooperation post-COVID-19', the former commerce and industry minister said: "Now, India and the USA need to not only continue investing in each other's countries but also invest and operate projects in other countries jointly".
The two sides are negotiating a trade package to promote two-way commerce.
Trade tensions between India and the US have been rising with President Donald Trump championing his 'America First' policy, complaining that tariffs imposed by New Delhi on American products were "no longer acceptable" to his country.
"We have an open mind and with an open mind, we are looking at several sectors," Goyal said.
US had notified in March that India did not qualify for the Generalized System of Preferences benefits under their updated eligibility criteria.
Trump's policies will be a win-win situation for both India and the US. He says the bilateral trade between the two countries can go upto USD 500 billion in the next 7 years.
The notion that jobs from America are being outsourced to India is "vastly exaggerated", a top Obama administration official has said, adding Indo-US trade and economic relationship is a two-way process and not heavily tilted towards any one.