New Delhi — External Affairs Minister S. Jaishankar said Monday that the proposed India-US bilateral trade agreement could significantly strengthen India’s 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 could not be blamed for all problems facing the global trading system, arguing that several market distortions have originated elsewhere and should be evaluated objectively.
Jaishankar said the United States remains one of India’s most important economic, trade and defense partners. He added that India’s recently concluded trade agreements with the European Union, the United Kingdom and the European Free Trade Association would help create greater balance in the country’s trade relationships.
India’s earlier free trade agreements were largely concentrated on ASEAN countries, Japan and South Korea, Jaishankar said. He stressed the importance of expanding ties with economies that have more transparent and mature markets and greater purchasing power.
The minister said India has also strengthened or improved relations with China, Russia and Gulf countries as part of a “multi-alignment” strategy aimed at advancing several relationships simultaneously based on opportunities and challenges.
He said each relationship is, on balance, beneficial for India and that progress with one partner can make it easier for New Delhi to advance its interests elsewhere.
Jaishankar also said India considers attacks on civilian shipping “completely unacceptable,” whether in the Black Sea, Red Sea or Gulf, and maintained that dialogue and diplomacy remain the best path toward resolving the Russia-Ukraine conflict.
India is 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, he said. (Source: IANS)
