New Delhi, Feb 14 (IANS) Apex business chamber Assocham and the Federation of Indian Export Organisations (FIEO) on Friday hailed Prime Minister Narendra Modi’s visit to the US as a landmark event in strengthening India-US trade and investment relations.
The joint statement which followed the meeting between Prime Minister Narendra Modi and President Donald Trump in Washington, DC, symbolises the continued trust and strengthening of the strategic partnership between India and the US, said Assocham president Sanjay Nayar.
He pointed out that there are several tangible outcomes from the PM’s visit to the US. These include strengthening cooperation in defence, terrorism, energy security covering both fossil fuels and nuclear power, trade and investment besides leveraging India's human capital.
Another major outcome is the development of a US-India roadmap on accelerating AI Infrastructure by the end of the year. The ambitious target of $500 billion bilateral trade by 2030 is eminently achievable while agreement on negotiation for Bilateral Trade Agreement would pave the way for new trade and investment opportunities between the two nations, Nayar added.
According to FIEO president Ashwani Kumar, the visit marked a significant step towards deeper economic cooperation, expanding trade, boosting investments, and solidifying strategic ties between the two nations.
He observed that the discussions marked a major milestone in the growing economic relationship between India and the US. With the US emerging as one of India’s largest trading partners, these developments will provide Indian exporters with new opportunities.
The focus on technology, defence, and green energy will particularly benefit India’s export sectors and enhance global competitiveness.
The FIEO chief also lauded the increased investment focus, which will fuel new industries and job creation in India, providing a major boost to the 'Make in India' initiative and driving demand for Indian exports.
He underscored the importance of enhancing bilateral trade by eliminating barriers and streamlining processes. Focus areas include technology, healthcare, agriculture, and textiles, with the ambitious goal of reaching $500 billion in bilateral trade by 2030 under "Mission 500."
Kumar appreciated the early timeline for a multi-sector Bilateral Trade Agreement (BTA) by Fall 2025, aimed at increasing market access, reducing trade barriers, and improving supply chain integration.
The discussions led to announcements of initiatives to boost US investments in India, particularly in renewable energy, defence, infrastructure, and technology.
“These investments will create new opportunities for Indian exporters and position India as a key hub for innovation and manufacturing. A major focus was placed on enhancing cooperation in IT, AI, and 5G infrastructure, opening up significant growth potential for Indian tech businesses in the US market, ” the FIEO chief added.