India-US economic ties moving beyond trade to investment, tech, innovation: Goyal

The India-US economic relationship is moving beyond traditional trade to encompass investment, manufacturing, technology, innovation, resilient supply chains and the creation of high-value capabilities in both countries, commerce and industry minister Piyush Goyal said on Wednesday.

Addressing a business roundtable in Milwaukee, Goyal invited American manufacturers to deepen their presence in India, partner with Indian small and medium enterprises (SMEs) and co-invest in advanced manufacturing to build resilient supply chains that create value for both economies.

Goyal, who arrived in Milwaukee to attend the G20 Trade Ministers’ meeting, said on X that he highlighted “the strong momentum in India-US economic ties, along with India’s expanding industrial base & skilled workforce”.

He interacted with CEOs and senior executives of US manufacturing and technology companies at a business roundtable hosted by the National Association of Manufacturers (NAM), the commerce ministry said. NAM represents a substantial share of leading US manufacturing companies and its members contribute significantly to the US manufacturing economy, it said.

The executives shared views on opportunities emerging in India and their companies’ plans for expanding partnerships in the country, the ministry said. Goyal said India was ready to facilitate companies in their operations, expansion and investments.

The minister also attended a reception hosted by NAM at the global headquarters of Rockwell Automation, where he interacted with trade ministers from other G20 countries and senior business leaders.

During his September 29-October 5 visit, Goyal will participate in the G20 Trade Ministers’ meeting on September 30 and October 1 and travel to Chicago to meet industry leaders and members of the Indian diaspora. He is visiting Milwaukee at the invitation of the US Trade Representative.

On the sidelines of the ministerial meeting, Goyal is also scheduled to hold bilateral meetings, including with his US counterpart, to discuss opportunities for farmers, fishermen, women entrepreneurs, startups, micro, small and medium enterprises (MSMEs) and other businesses.

The talks will also focus on advancing a balanced and mutually beneficial India-US bilateral trade agreement (BTA) and finalising an interim deal in line with the joint statement issued on February 7.

India and the US had reached a framework for an interim BTA in February, but the agreement was not signed after the US Supreme Court invalidated the legal basis for the preferential tariff mechanism Washington had offered. India is now awaiting a preferential tariff framework that provides competitive access for its exporters vis-a-vis competing countries.