US looks forward to completing the details of a new bilateral trade agreement that will expand market access, reduce barriers, and create greater certainty for businesses on both sides, Gor said.
The United States of America is looking forward to sealing the proposed bilateral trade agreement with India that will facilitate expanding market access, reduce barriers, and create greater certainty for businesses, US Ambassador Sergio Gor said on 21 May.
The envoy said the trade deal will strengthen supply chains and drive sustained inclusive growth besides encouraging new investments.
Gor was speaking at an event hosted by American Chamber of Commerce.
“We look forward to completing the details of a new bilateral trade agreement that will expand market access, reduce barriers, and create greater certainty for businesses on both sides,” he said.
The ambassador said President Donald Trump‘s goal is to facilitate bilateral trade in a way that creates lucrative opportunities for American businesses and workers.
Gor, referring to finalisation of India’s free trade pact with the European Union in January, suggested that it took almost 19 years. However, he said the India-US trade deal could be sealed within one-and-half years of starting the negotiations.
“We are confident that in the coming weeks and months, this (India-US) trade deal could be finalised,” he said.
The ambassador said India’s expanding manufacturing ecosystem, digital infrastructure, innovation capabilities, and skilled talent pool complement the American leadership in technology, investment, advanced research, and entrepreneurship.
$500 billion in bilateral trade by 2030
Gor said the shared ambition of the US and India to achieve $500 billion in bilateral trade by 2030 reflects the confidence and connect between the two economies.
“We stand at a remarkable moment. Over the last two decades, bilateral trade has grown from about $20 billion to over $220 billion in goods and services, an eleven-fold increase that reflects deep trust and strengthened economic integration,” he said.
$60B in investments committed in 6 months: Goyal
At the same event, Union Commerce minister Piyush Goyal said American companies have committed more than $60 billion in investments over the past six months as global businesses deepen their India bets amid rising demand for trusted supply chains and digital infrastructure.
Goyal said India and the US are emerging as ‘natural partners’ backed by economic complementarity and resilient supply chains, while asserting that India would remain the world’s fastest-growing economy for at least the next 25 years.
We stand at a remarkable moment. Over the last two decades, bilateral trade has grown from about $20 billion to over $220 billion in goods and services.
Goyal called the India-US relationship a defining partnership of the 21st century, and said that India’s long-term economic transformation was being driven by infrastructure expansion, renewable energy growth, digital adoption and flagship initiatives such as Startup India, Make in India and Digital India.
(With PTI inputs)
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Thomas Pecora