The United States is solidifying its partnership with India, recognizing it as a pivotal ally in trade and economic cooperation. Arun Venkataraman, Assistant Commerce Secretary, underscored the burgeoning ties between the two nations, describing the current era as the zenith of their bilateral economic relationship.
Venkataraman articulated the US commitment to deepening collaboration with India, emphasizing a proactive approach to foster economic integration. He highlighted India's escalating importance as a strategic partner for the US, acknowledging the remarkable strides made in cooperation in recent years.
Trade statistics reflect the strengthening bond, with total trade in goods and services between India and the US exceeding $191 billion in 2022, nearly doubling since 2014. Notably, Foreign Direct Investment (FDI) from the US surged to $103 billion during the 2022-23 fiscal year, while Indian FDI inflows into the US amounted to $14.4 billion in 2021, contributing to over 72,000 US jobs.
In response to queries regarding the possibility of a free trade agreement, Venkataraman pointed to India's involvement in the Indo-Pacific Economic Framework for Prosperity (IPEF), a multilateral initiative comprising the US and 12 other nations. While acknowledging the effectiveness of free trade agreements, he stressed the comprehensive approach adopted by the IPEF in addressing contemporary economic challenges.
Venkataraman emphasized the significance of the IPEF in ensuring a resilient supply chain, citing the recent implementation of the IPEF Supply Chain Resilience Agreement. He highlighted ongoing negotiations aimed at fostering a transparent and fair business environment and enhancing tax administration to bolster the clean and fair economy aspect of the IPEF.
Looking ahead, Venkataraman outlined plans for a "clean investor forum" at the inaugural IPEF ministerial meeting in Singapore. This forum aims to facilitate collaboration among stakeholders to promote investment in sustainable infrastructure.
Arun Venkataraman, hailing from Tamil Nadu, oversees the Global Markets portfolio in the Commerce Department and serves as the Director-General of the US and Foreign Commercial Service, underscoring his instrumental role in advancing US-India economic relations.
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