Trade experts believe that the trend will continue in the coming years also as New Delhi and Washington are engaged in further deepening the economic ties
The US has surpassed China to become India’s top trading partner, showing greater economic ties between the two countries. According to the data of the commerce ministry, in 2018-19, the bilateral trade between the US and India stood at $87.95 billion. During the period, India’s two-way commerce with China aggregated at $87.07 billion.
Similarly, during April-December 2019-20, the India China Bilateral Trade between the US and India stood at $68 billion. It stood at $64.96 billion with China in the same period. Trade experts believe that the trend will continue in the coming years also as New Delhi and Washington are engaged in further deepening the economic ties. An expert said that if the countries will finalise a free trade agreement (FTA), then the bilateral trade would reach at different levels.
“FTA with US will be very beneficial for India as the US is the biggest market for domestic goods and services,” Federation of Indian Export organisations Director General Ajay Sahai said. He said that India’s exports as well as imports are increasing with the US, while with China both are declining. America is one of the few countries with which India has a trade surplus. On the other hand, India has a huge trade deficit with China…
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