The United States becoming India's largest trading partner is a testament to the strengthening of bilateral ties between the two democracies, a prominent Indian American Congressman has said, underlining that the partnership increases both the prosperity and security of the two nations and the broader world.
These remarks were made by Indian-American Congressman Raja Krishnamoorthi on Tuesday in response to recent news that the US has emerged as India's biggest trading partner in 2022-23 on account of increasing economic ties between the two countries.
According to the provisional data of India's Commerce Ministry, the bilateral trade between India and the US has increased by 7.65 per cent to USD 128.55 billion in 2022-23 as against USD 119.5 billion in 2021-22. It was USD 80.51 billion in 2020-21.
The rapid growth of trade between the United States and India is a testament to the ties between our democracies growing stronger as our partnership increases both the prosperity and the security of our nations and the broader world, Krishnamoorthi, a Democrat, said.
Even as the United States has become India's largest trading partner, it is essential that we continue to recognise the enormous potential for further growth to strengthen both of our economies and create American jobs, Krishnamoorthi said.
America is one of the few countries with which India has a trade surplus. In 2022-23, India had a trade surplus of USD 28 billion with the US.
