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Indo-US trade on track to surpass 145 billion USD in 2021: US Consul General

ANI | November 18, 2021 02:36 PM
US Consul General Judith Ravin

Bengaluru (Karnataka) [India], November 18 (ANI): The 2021 data indicates a strong rebound in India-US bilateral trade, said the United States Consul General Judith Ravin at India-US Tech Conclave in Bengaluru Tech Summit 2021.

In a virtual address on Wednesday, she said that the growth in economic ties between the two countries has been extraordinary, with trade exploding from approximately 20 billion US dollars in 2001 to just over 145 billion US dollars in 2019.

The US official also noted that even as the pandemic has taken its toll on trade, America remains India's biggest trading partner and largest export market.

"The growth in our economic ties has been extraordinary, with trade exploding from approximately 20 billion USD in 2001 to just over 145 billion USD in 2019. Even as the pandemic has taken its toll on trade, the US remains India's biggest trading partner and largest export market," Ravin said.

In addition, she said, US companies continue to be the biggest source of foreign direct investment, fuelling continued growth in India.

"The US-India bilateral relationship continues to expand on diverse fronts, from collaboration on mitigating the impacts of COVID-19 and climate change to space exploration and our joint commitment towards a free and open Indo-Pacific," Ravin said.

"In the past few months, we have seen several senior officials from both governments travel to cement our strong ties. Prime Minister Narendra Modi met with President Joe Biden in September in Washington to confirm collaboration and commitments to the Indo-Pacific Region," she added.

The US Consul General said Indian Prime Minister Narendra Modi met with President Joe Biden in September in Washington, D.C. to confirm collaboration and commitments to the Indo-Pacific Region. "Since that visit, Special Presidential Envoy for Climate John Kerry and Deputy Secretary of State Wendy Sherman have come to India to continue these important discussions in advancing a range of initiatives," she said which would go a long way in cementing ties between the two countries.

Meanwhile, Ravin also announced that United States Trade Representative Katherine Tai will travel to New Delhi on November 22 to meet with her counterpart, Union Minister for Commerce and Industry Piyush Goyal, and added that both have agreed to take a comprehensive look at ways to expand the bilateral trade relationship.

"When it comes to business, there is no stronger partner to India than the United States. We believe that India's economic strength is not just in India's interest, but in the interest of the United States, the region, and the world," she said.

The US Consul General said these companies at the same time have stepped up to meet the rising demand of software development, data-driven customer service, and back-office support for U.S. firms, ensuring that economies of both the nations remain on track through these difficult times.

"This support comes at a crucial point in our lives, where we now depend more than ever on emerging technologies to virtually attend school, conduct business, and accomplish everyday tasks online, with the click of a mouse," she said.

Ravin said Bengaluru, as one of the top beneficiaries of U.S. foreign direct investment, has seen the positive impact of quality investments.

"US companies enter foreign markets as true partners and good neighbours. They bring high-paying jobs, advanced technologies, skills, good corporate governance practices, and significant opportunities for Indian Small and Medium Enterprises to integrate with the global economy," she said. (ANI)

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