India has emerged as a "critical partner" for the US which is "doubling down" on it for trade and working on further boosting economic ties, according to a senior US trade official.
Assistant Commerce Secretary Arun Venkataraman said, "I genuinely believe that this is very much a heyday of this bilateral economic relationship" between India and the US.
"We are doubling down on India and finding more ways to collaborate and grow that economic integration," he told reporters on Thursday ahead of the World Trade Week in New York.
India "has become an even more critical partner for the US," he said.
"We are amazed by the incredible deepening of the collaboration that's happened in the last few years with India."
According to the US International Trade Administration, total trade in goods and services between India and the US topped $191 billion in 2022, almost doubling from 2014.
Foreign direct investment (FDI) from the US reached $103 billion during the 2022-23 fiscal year, while Indian FDI flows to the US reached $14.4 billion in 2021 providing for more than 72,000 US jobs.
Asked by a reporter if the US would consider a free trade agreement with India, Venkataraman did not directly address the possibility, instead pointing to India's participation with the US and 12 other countries in the Indo-Pacific Economic Framework for Prosperity (IPEF) launched in 2022.
"Free trade agreements are a fantastic tool and can be very effective, but I think we should also remember the free trade agreements are only one tool in the toolkit," he said.
Right now, he said that the IPEF "is addressing key elements that you don't find in free trade agreements, addressing the urgencies of the day".
"We're focused on getting that (IPEF) implemented" and making sure "that we avoid some of the vulnerabilities that we all learned during the pandemic," he added.
While most of the attention to keeping the Indo-Pacific region free and open has been focused on strategic issues, Venkataraman emphasised the critical role of the IPEF.
"We are proud of the fact that in short order we have managed collectively, with Japan's help and all of our Indo-Pacific partners, to be in a position to move aggressively towards implementing the Indo-Pacific Economic Framework," he said.
The IPEF has made headway in one key aspect, making the supply chain resilient, he added.
The IPEF Supply Chain Resilience Agreement came into force in February and "we will soon be setting up the institutions to operationalise" it, he said.
It "is really going to be critical to mitigating supply chain disruptions going forward and helping make our economies collectively more resilient to the threats that could occur from supply chain disruptions," Venkataraman added.
He said that substantial progress has been made in negotiations on two other elements of the IPEF, ensuring a clean and fair economy.
These are aimed at "ensuring a transparent environment free of corruption" and efficient tax administration, he added.
At the first IPEF ministerial meeting in Singapore in June, there will also be a "clean investor forum" bringing together entrepreneurs, venture capitalists, government agencies, and others to strategise on increasing investment in sustainable infrastructure, he said.
The Tamil Nadu-born Venkataraman holds the Global Markets portfolio in the Commerce Department in addition to being the Director-General of the US and Foreign Commercial Service.
Mistake that benefits no one: World leaders react to Trump's 'reciprocal tariffs'
As US President Donald Trump signed an executive order on the so-called "reciprocal tariffs," the world reacted sharply against the decision, with some calling it a "mistake that benefits no one" while others called it a violation of Washington's obligations under the World Trade Organization (WTO).
Indian pharmaceutical exports get reprieve from Trump’s reciprocal tariffs
Because of the importance of India’s pharmaceuticals to US healthcare, those exports will get a reprieve from President Donald Trump’s reciprocal tariffs, according to the White House.
India stands less impacted by Trump tariffs than global peers: Industry
As US President Donald Trump announced reciprocal tariffs on dozens of countries, including India, industry experts said on Thursday that it appears India's export competitiveness to the US market stands far less impacted on a relative basis compared to global peers.
IAF pilot killed, another critical as Jaguar fighter jet crashes in Gujarat
An Indian Air Force (IAF) pilot lost his life, while another sustained critical injuries after their two-seater Jaguar fighter jet crashed near Gujarat's Jamnagar Airfield, the IAF confirmed on Thursday.
PM Modi emplanes for Thailand; to attend BIMSTEC summit
Prime Minister Narendra Modi on Thursday emplaned for Thailand on a state visit to attend the 6th BIMSTEC Summit, with his visit also set to bolster bilateral relations between New Delhi and Bangkok.
Tripura CM stresses promoting NE states' potential to attract investment
Tripura Chief Minister Manik Saha on Wednesday said that the development of the communication process and system has generated a lot of investment potential, and therefore, more emphasis should be placed on promotion to attract investors in all the northeastern states.
Tripura has 94,723 Lakhpati Didis; 93,425 women to get similar status soon: Minister
Among the 4,75,582 Self Help Group (SHGs) members in Tripura, 94,723 women emerged as ‘Lakhpati Didis’ through their engagement in various enterprising units and 93,425 more women would be ‘Lakhpati Didis’ soon, Social Welfare and Labour Minister Tinku Roy said.
Bhavan’s Little Learners celebrate annual programme
The Bhavan’s Little Learners, Bordowali celebrated annual programme and organised prize distribution ceremony here at Agartala Rabindra Satabarshiki Bhavan on Wednesday.