US-India Trade Set to Break Records in 2023

Indore, March 7: American Ambassador Eric Garcetti expressed optimism on Thursday regarding the Indo-US trade relationship, suggesting that it is poised to surpass the 2023 record of USD 200 billion this year. He highlighted the vast opportunities for both countries to enhance collaboration in defence, space exploration, and crucial emerging sectors such as semiconductors and artificial intelligence (AI).

Representative image

Strong US-India Trade Partnership

Emphasising the importance of the US-India trade partnership, Garcetti told reporters that the US currently holds the position of India's leading trading partner, with the two-way trade volume nearly reaching USD 200 billion last year. "I believe that this year we will exceed the previous record of USD 200 billion in bilateral trade between India and the US," he stated confidently.

Aiming for $500 Billion in Trade

The Ambassador underscored that President Joe Biden has previously stressed the need for Indo-US trade to escalate to USD 500 billion, pointing to the significant growth potential in this relationship. He mentioned ongoing efforts to achieve this ambitious target since assuming his diplomatic role last year.

Expanding Trade and Collaboration

Garcetti further highlighted the substantial prospects for expanding Indo-US trade and fostering bilateral collaboration across various sectors such as defence, agriculture, space research, climate initiatives, energy, and healthcare. He also underscored the critical role of emerging technologies like semiconductors, telecommunications, AI, and quantum computing in enhancing cooperation between the two nations.

Electric Vehicles: A Key Growth Area

Transport-related technologies, particularly electric vehicles, were singled out by Garcetti as a key area with immense potential for growth in bilateral trade. "We would like to see India manufacturing electric vehicles in greater numbers. India can export these vehicles to the US," the envoy said.

Women Empowerment and Safety

Meanwhile, on the eve of International Women's Day, the US Ambassador met Indore Mayor Pushyamitra Bhargava and enquired about pink buses run by female drivers for women commuters in the city. He interacted with women drivers of these electric buses and listened to their experiences in the profession. The US ambassador said women drivers of the pink buses inspire everyone. "No country or city in the world can succeed if women don't feel safe and empowered," Garcetti maintained.

Ambassador Garcetti's visit to Indore and his interactions with local officials and women drivers underscore the strong ties between the United States and India. His optimism about surpassing the $200 billion trade record and his focus on expanding collaboration in key sectors, including emerging technologies, demonstrate the commitment of both countries to strengthening their partnership and driving economic growth.