“We are looking forward to a very deep and substantive engagement with the new US administration,” the trade minister said, noting that under Prime Minister Narendra Modi, India has bolstered bilateral relations with successive US administrations, including those led by Barack Obama, Donald Trump and Joe Biden.

Bilateral trade between India and the US, India’s largest trading partner, exceeded US$118 billion in 2023/2024, with India registering a trade surplus of US$32 billion.

Industry estimates suggest that trade could grow by an additional US$50 billion within two to three years, underscoring the significant potential for stronger economic cooperation.

The government and industry groups favour a broader trade and investment pact with the US to help Indian manufacturers integrate into global supply chains while retaining policy flexibility to safeguard national interests.

Goyal said that India’s goods and services trade is projected to surpass US$800 billion in the 2024/2025 fiscal year, ending March.

While aiming to protect its manufacturers from potential US tariff hikes on its exports, India is exploring ways to strengthen ties with Washington as Trump has threatened tariffs of 60% and other curbs on imports from China.