The Government is talking about the possibilities of an International Trade Agreement

No.PR-289 October 16, 2020 New Delhi

The Government is talking about the possibilities of an International Trade Agreement

India traditionally has been saying that USA is naturally aligned but, the great potential is accentuated by the great relationship we share today. We have witnessed an increase in FDI in the last few years. Looking at the trade data, India is the largest exporters of turmeric to the USA and in recent times, our turmeric exports have increased in the USA, deliberated Mr. Sanjay Chadha, Additional Secretary, FT-NAFTA, Dept. of Commerce, Ministry of Commerce and Industry, in the inaugural session of ‘India-USA Virtual B2B Meeting’.

Talking about the relations, Mr. Chadha mentioned that trade with USA has been skewed towards the services side and USA has been a large market, in terms of trade in services. In merchandise trade, USA has become the largest goods trading partner of India, indicating that things are moving in the right direction. He also mentioned that the Covid-19 crisis has demonstrated the fragility of having a single point of supply and we need to have resilience in the supply chain by filling the supply chain in a reliant manner. The Government is talking about the possibilities of an International Trade Agreement.

Dr. T.V. Nagendra Prasad, Consul General of India to San Francisco while giving a background about growing opportunities in San Francisco, discussed that there is an increase in the investment of Indian companies in the USA despite the pandemic. He also discussed that there are opportunities for growth and investment in sectors like technology, textiles, pharma, healthcare, start-ups, smartphone manufacturing, and other green projects. He highlighted that the need of the hour is to think out of the box, evolve new mechanisms to tap emerging new opportunities, and innovate in every aspect of business interactions.

Mr. Randhir Jaiswal, Consul General of India to New York, mentioned that there are opportunities available in sectors which include sustainable eco-friendly products; Indian Ayurvedic wellness and spa products; outdoor entertainment and sports; new and innovative products, and home furnishing. He added that we have to do well in terms of packaging, brand, and quality maintenance, too.

He discussed that due to pandemic; there is a change in technology usage, business models and a shift in trade patterns. India needs to amplify its technology growth and create conditions for rapid technological innovations. He mentioned that Chicago is considered as a hub for sectors like technology, start-ups, pharmaceuticals and bio-health among others. He added there are immense synergy and potential for collaboration between the USA trades and India in these areas.

Dr. Swati Vijay Kulkarni, Consul General of India to Atlanta, while talking about the opportunities available in the south-east USA that is emerging as a manufacturing hub, discussed the setting up of Indian companies in this region and doing immense investments in the recent years leading to an increase in business and job opportunities. She mentioned that the PHD Chamber can help in the digitalization of data, authentication of suppliers and can work with universities with two-way synergy with business professionals and researchers.

Mr. Aseem R. Mahajan, Consul General of India to Houston mentioned that with complementary economies, shared values, and being two vibrant democracies, India-USA are natural partners. He discussed about opportunities available in Houston in the energy sector. He shared that trade and economic ties have been a pivotal part of our relationship. Our bilateral trade has grown at a healthy rate and investments between both countries are increasing steadily. In the times of pandemic, he mentioned, that both the countries have been cooperating closely for promoting trade and investment in areas like research, healthcare, innovation, technology to strengthen our partnership in the global supply chain.

Mr. L. P. Gupta, Consul (Commerce), Consulate General of India to Chicago while deliberating about the bilateral strategic relation shared between India-USA which has led to double-digit growth and increasing bilateral relations in the past few years mentioned that India and USA are strategic partners with a wide range of cooperation in almost every aspect of human life including economic and commercial relations.

Mr. Sanjay Aggarwal, President, PHD Chamber of Commerce and Industry in his presidential address deliberated about the bilateral relation shared between India and the USA that is growing itself in a multi-facet manner. With an increase in trade relations, both countries have realized their importance towards each other in terms of strategic, economic, and future needs.

Mr. Aggarwal mentioned that the pandemic made both the countries realize that one nation's dependency can cause side effects especially in times of crisis and there is a need to have diversified sources to meet our needs. While the pandemic and lockdown had affected both the nations, we need to realize that there is a lot to be done in terms of healthcare infrastructure and train manpower. We need to enhance cooperation between the nations and cement the India-USA relationship.

PHD Chamber of Commerce and Industry has been a pillar of strength for building a self-reliant India based on five pillars that are infrastructure, economy, technology-driven system, vibrant demography and demand, as laid out by our Hon’ble Prime Minister Shri Narendra Modi. With the clarion call of Aatma Nirbhar Bharat, we need to engage with the world based on the strength of our economy in a self-reliant way so that we become a strong player globally along with a strengthened economy and industry. We want to have fruitful relations with the USA by engaging in joint activities and a peaceful collaboration that can bring significant opportunities for both the nations said, Mr. Sanjay Aggarwal.

Mr. Saket Dalmia, Vice President, PHD Chamber of Commerce and Industry while giving a formal vote of thanks mentioned about the increasing trade and business opportunities between India and the USA that will foster economic growth in both the countries.

The session was moderated by Mr. Naveen Seth, Principal Director, PHD Chamber and was attended by many industry stalwarts around the world.

Ends Media Division PHD Chamber of Commerce and Industry