Tradeindia Exim Newsletter | 20 June 2023
20, June 2023
PM Modi's US visit

Prime Minister Narendra Modi has departed for the United States today. During the trip he will be given a ceremonial welcome at the White House, and later he will hold a high-level dialogue with US President Joe Biden. The Indian Prime Minister has visited the US six time since 2014, but this will be his first state visit, which is being considered a significant one, with experts pointing out that it will take India-US strategic partnership to a new level.

Amid concerns over Beijing's growing aggression, the strategic landscape in the Indo-Pacific has witnessed dramatic change in recent times, and in the background of this, according to experts, the US is likely to extend a helping hand for military modernization of India. Recently, the two sides had already concluded a roadmap for defence industry cooperation and a further boost in bilateral defence ties by no way seems far off.

But trade ties are no less important, particularly in this age when geopolitics and geo-economics are inextricably linked. Bilateral trade between India and the US stood at $128.55 billion in FY 2022-23, making the latter our largest trading partner. This partnership needs to be taken further. In addition, while the US is making every effort to diversify supply chains beyond China, it is an opportunity for India to woo American companies to the country.

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