New York: The doors to India-US trade have been opened wider with the launch of a digital portal to bring businesses from the two countries together in the march to $500 billion annual trade between the two great democracies, according to Commerce Minister Piyush Goyal.
“Forged on shared democratic values, fueled by entrepreneurial spirit and driven by unrelenting pursuit of innovation, our partnership is special”, Goyal said Wednesday at the launch of the India-US Trade Facilitation Portal at India’s consulate-general here.
In his video message from New Delhi, he said, “Bilateral trade is growing rapidly towards the $500 billion ambition set by both sides, and this goal must also benefit MSMEs (Micro, Small, and Medium Enterprises), our farmers, and our fishermen to become more inclusive”, he said.
“We must focus in this era of digital transformation and resilient supply chain on becoming more self-reliant”, he added.
Foreign Secretary Vikram Misri, who inaugurated the portal remotely from Washington, said global developments, from the Covid pandemic to the evolving global geopolitcal shifts, have highlighted the importance of diversified, resilient and reliable supply chains.
“The disruptions that all of you have been witnessing over the last several years have exposed vulnerabilities in the global economic and especially the trading makeup”, he said.
“But just where there are vulnerabilities, there are also opportunities”, he said.
There is much greater emphasis on the need for trusted partnerships, for dependable geographies, and for partners, “and it is in this context that the idea of a dedicated digital platform for facilitating trade has emerged”, he said.
According to the Indian consulate, the portal is a digital highway connecting “Indian innovation and American enterprise”.
It offers US importers multiple options for newly onboarding suppliers using AI-driven matching, and smart search for exporters, with a safe, individual dashboard for businesses to monitor deals in real time.
Indian MSMEs get an opportunity to showcase their products through the portal to US importers, which would not otherwise be possible for them, it said.
Indian businesses can connect through webinars with giants like Walmart and Costco, and also learn about compliance with US regulations.
Misri noted the resilience of the trade trajectory between India and the US that has withstood the recent challenges from tariffs and global uncertainties.
Bilateral trade has reached a record $241 billion, making it the fourth consecutive year that the US has been India’s largest bilateral trading partner, he said.
“It’s remarkable that this growth has been achieved in the face of what I refer to as the volatility that we witnessed, both on the bilateral front, on account of issues to do with tariffs, but also on a more general front, due to the prevailing global economic volatility”, he said.
President Donald Trump’s trade war hit India with a maximum tariff of 50 per cent, which was reduced to 18 per cent, before it became moot after a US Supreme Court decision striking down the bulk of the tariffs.
“Over time, over the years, the India-US trade relationship has demonstrated exceptional resilience and dynamism, not withstanding the challenges that we have seen posed to it in the very recent past”, he said.
India’s ambassador to the US, Vinay Kwatra, said Prime Minister Narendra Modi has made clear that achieving the $500 billion mark in bilateral India-US trade would be an important part of the goal of Viksit Bharat, making India a developed country by 2047, the centenary of the nation’s Independence.
“Our effort today would not only contribute to achieving that mission of $500 billion [bilateral trade] but would also play a larger role in significantly adding to the economic gains that our economy would make”.
Consul-General Binaya Srikanta Pradhan said that importers and exporters have started registering on the portal, and there was an excellent response from different channels and export promotion councils.
All the consulates are working on virtual exhibitions and educational sessions, he said.
Later this month, the consulate in Seattle is organising a presentation by Costco, the giant warehouse-style retailer with 646 stores across the US, on how to be a part of its supply chain, he said.
