Consolidation of trading relationship with the US

USA has been the largest trading partner of India with respect to merchandise trade since the FY 2018-19, except 2020-21 when trade with the U.S. declined marginally on account of the Covid-19 pandemic. In the current FY 2021-22 (April- October), USA has once again become the largest trading partner with bilateral merchandise trade of US$ 67.41 billion, accounting for 11.98% of India’s total merchandise trade. (as per DGCIS figures)

India and United States enjoy a comprehensive strategic partnership covering a broad range of areas, underpinned by shared democratic values and vibrant people-to-people contacts. Trade and commercial ties form an important component of this multi-faceted partnership. India and the U.S. are continuously engaged in strengthening these ties through bilateral dialogue mechanisms at Ministerial level including the Trade Policy Forum and Commercial Dialogue.

The 12th India-U.S. Trade Policy Forum meeting co-chaired by the Commerce and Industry Minister of India and the U.S. Trade Representative was held recently in November, 2021 at New Delhi, in which both the Ministers discussed various outstanding trade issues for early resolution on mutual basis, and also reached convergence on certain market access issues.

The bilateral trade with Australia, UAE and Belgium has gone up in the first nine months (Jan-Sept) of Calendar Year 2021. During this period, India’s bilateral trade with Australia has increased to US$ 13.88 billion in 2021 from US$ 7.48 billion in the corresponding period of 2020. The bilateral trade with UAE has grown to US$ 49.06 billion in 2021 from US$ 29.48 billion in 2020 for the same period. The bilateral trade with Belgium has also grown to US$ 13.70 in 2021 from US$ 7.63 billion in 2020 for the same period. (as per DGCIS figures).

This information was given by the Minister of State for Commerce and Industry, Anupriya Patel, in a written reply in the Rajya Sabha today.

The 12th India-U.S. Trade Policy Forum meeting co-chaired by the Commerce and Industry Minister of India and the U.S. Trade Representative was held recently in November, 2021 in New Delhi, in which both the Ministers discussed various outstanding trade issues for early resolution on mutual basis.