The U.S. and Indian are emerging as leaders in the world economy. They own the largest economies in the world. India and the U.S. are in good terms in trade, and this helped both the countries to benefit and improve their economy. In the recent visit of Prime minister Narendra Modi to the U.S., several essential trade agreements were signed. The two countries are now entered into talks to initiate the free trade agreement. Minister of Commerce and Industry Piyush Goyal hints on the free trade agreement between India and the U.S.
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Goyal’s Address At India-US Business Story
The U.S President Donald Trump is about to visit India this year. Piyush Goyal the Minister of Commerce and Industry addressed the session Opportunity, Innovation and Entrepreneurship organised by two business agencies namely Confederation of Indian Industry and US India Business Council. In this session, Piyush announced that India and the U.S. are about to enter into a free trade agreement.
Dharmendra’s Address On India U.S Strategic Energy Partnership
Dharmendra Pradhan, the Minister for Petroleum and Natural Gas and Steel, spoke on the topic” Future of Energy Partnership” in a session. He said that India witnessed positive development in the last three years due to the strategic energy partnership with the U.S. U.S. is emerging as the top source of crude oil imports, and it seems to be a positive sign. India is the fourth largest export destination of crude oil from the U.S. The minister also adds that he LNG imports from the U.S. are also witnessing steady progress in India from the year 2018.
Strategic Energy Partnership-$500 Billion Road Map
A meeting on strategic energy partnership between India and the U.S. is about to take place in April. The minister of Petroleum and Natural Gas also added that the session is about to launch a $500 billion roadmap by the joint efforts of CII and USIBC. The event is about to come up with various interventions to encourage the India-U.S trade.
It is essential to make the best use of the economic relationship, to reach the target mentioned above based on the road map. The trade growth of both countries is only 50 per cent in the past five years. The U.S. and India must work on ways to double and triple the trade relationships. This would definitely help in opening the markets of the two countries.
The above gives a clear picture of the free trade agreement and strategic energy partnership of India and the U.S.