The commerce minister says Delhi is “looking forward to very deep” engagement with the new US administration

NEW DELHI: India is looking forward to strengthening its economic ties with the United States by forging cooperation with the incoming Trump administration, Indian Commerce Minister Piyush Goyal told reporters in New Delhi on Friday.

“We look forward to very deep and substantial cooperation with the new US administration,” the commerce minister said, adding that under Prime Minister Narendra Modi, India has strengthened bilateral ties with successive US administrations, including those led by Barack Obama, Donald. Trump and Joe Biden.

Bilateral trade between India and the United States, India’s largest trading partner, exceeded $118 billion in 2023/24, with India posting a trade surplus of $32 billion.

Industry estimates suggest that trade could grow by an additional US$50 billion over two to three years, underscoring the significant potential for stronger economic cooperation.

The government and industry groups favor a broader trade and investment pact with the United States to help Indian manufacturers integrate into global supply chains while maintaining policy flexibility to protect national interests.

Goyal said India’s trade in goods and services is projected to cross $800 billion in the 2024/25 fiscal year, which ends in March.

As India seeks to protect its manufacturers from a potential increase in US export tariffs, it is exploring ways to strengthen ties with Washington as Trump threatened 60% tariffs and other restrictions on imports from China.