The United States has become India’s top trading partner surpassing China, according to 2018-19 data from the Commerce Ministry. The bilateral trade between the US and India amounted to USD 87.95 billion as compared to USD 87.07 billion with China.
Trade experts say a free trade agreement between the two nations would take their economic ties to a whole new level. According to an American business advocacy group, an FTA would exponentially help in resolving their trade disputes, PTI reported.
America is one of the few countries with which India has a trade surplus. While dealing with the US, India had a surplus of 16.85 billion in the year 2018-19 alone.
In the backdrop of a global economic slowdown, US President Donald Trump is set to visit India on February 24 and 25. Although a trade deal is not on the table, Trump has emphasised on ‘talking trade’ during his visit.
“Well, we can have a trade deal with India, but I’m really saving the big deal for later on, ” he told reporters in Washington. “We’re not treated very well by India” he added.
On his maiden visit to India president Trump and prime minister Modi are likely to focus on areas of counter-terrorism, defense, collaborations in mental health, healthcare to name a few.
(With inputs from PTI)
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