India-US Trade Pact Could Give Major Boost to Economy, Jaishankar Says
New Delhi — External Affairs Minister S. Jaishankar said Monday that a proposed bilateral trade agreement between India and the United States could provide a major boost to the Indian economy by expanding access to one of the world’s largest and most lucrative markets.
Speaking at the Kautilya Economic Conclave, themed “India and the World: Adaptive by Design,” Jaishankar described the proposed agreement as a “big step with great possibilities.”
He said the United States should not be blamed for all of the problems affecting the global trading system, noting that several market distortions have emerged from other sources and should be assessed objectively.
Jaishankar said the United States remains a major economic, trade and defense partner for India. He added that recently concluded trade agreements with the European Union, the United Kingdom and the European Free Trade Association would help bring greater balance to India’s trade relationships.
India’s earlier free trade agreements were largely focused on ASEAN countries, Japan and South Korea, he said, making it increasingly important for New Delhi to diversify toward economies with more transparent and mature markets and greater purchasing power.
Jaishankar also said India has strengthened or improved relations with China, Russia and Gulf countries as part of a “multi-alignment” strategy aimed at advancing multiple relationships based on the opportunities and challenges involved.
He said each relationship is, “net-net,” a positive for India and that progress with one partner can make it easier for the country to advance its interests with others.
Turning to international security, Jaishankar said India considers attacks on civilian shipping “completely unacceptable,” whether they occur in the Black Sea, Red Sea or Gulf.
He said dialogue and diplomacy remain the preferred path for resolving the Russia-Ukraine conflict.
India is also in talks with both Russia and Ukraine to secure safe passage for grain and fuel shipments from the Black Sea following attacks on civilian shipping in July that killed some Indian sailors, Jaishankar said. (Source: IANS)
