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New Delhi: The US remained India’s top trading partner for the second consecutive fiscal year in 2019-20, which enhances economic relations between the two countries.
In 2019-20, bilateral trade between the US and India stood at $ 88.75 billion against $ 87.96 billion in 2018-19, according to Commerce Ministry data.
The US is one of the few countries with which India has a trade surplus. As per the data, the trade gap between countries has increased from $ 17.42 billion in 2019-20 to $ 16.86 billion in 2019-19.
In 2018-19, the US overtook China to become India’s top trading partner.
Bilateral trade between India and China has fallen from $ 81.87 billion in 2019–20 to $ 87.08 billion in 2019–19. The trade deficit between the two neighbors decreased to $ 48.66 billion in 2019-20 from $ 53.57 billion in the previous financial year.
The data also revealed that China was India’s top trading partner from 2013-14 to 2017-18. Prior to China, the UAE was the country’s largest trading country.
India is also considering some steps such as drafting technical regulations and quality control orders with a view to reducing import dependence on China and promoting commercial manufacturing.
Trade experts believe that the trend towards broadening trade relations between New Delhi and Washington This will continue in the coming years as both sides are engaged in further deepening economic relations.
The presence of Indian expatriates in the US is one of the main reasons for increasing bilateral trade, said Biswajit Dhar, professor of economics at Jawaharlal Nehru University.
“The presence of the Indian diaspora is creating demand for consumer goods such as Indian goods and we are supplying it. A balanced trade deal will further boost economic relations,” Dhar said.
India and the United States are negotiating a limited trade agreement to resolve differences on the trade front and promote commercial relations.
Professor Rakesh Mohan Joshi of the Indian Institute of Foreign Trade (IIFT) said that although the trade agreement would be mutually beneficial for both the countries, India was a little cautious when negotiating the agreement with the US in areas such as agriculture, dairy and issues. should remain. Related intellectual property rights.
Subhash Chander Ralhan, president of the Ludhiana-based Hand Tools Association, said the two countries had a great potential to boost bilateral trade between countries due to increasing anti-China sentiment.
“Due to anti-China sentiment, many US companies are searching for news suppliers in countries such as India to cut their dependence on China and if that happens, it will greatly help India boost exports to the US,” Ralhan said.
India wants a waiver in the US visa regime, an exemption from high duties imposed by the US on certain steel and aluminum products, and greater market access for its products from sectors such as agriculture, automobiles, automobile components and engineering.
On the other hand, the US seeks greater market access for its farm and manufacturing products, dairy commodities, medical devices, and data localization, in addition to cutting import tariffs on certain information and communications technology products.
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