Washington: Indian American Congressman Raja Krishnamurthy has said that the US becoming India’s largest trading partner is a testimony to the strength of bilateral ties between the two democracies. He said that this partnership will enhance the prosperity and security of both the countries. Krishnamurthy’s remarks came amid reports that the US has emerged as India’s largest trading partner in 2022-23. This shows the strength of the economic relations between the two countries.
India-US bilateral trade has increased by 7.65 percent to $ 128.55 billion in 2022-23, compared to $ 119.5 billion in 2021-22, according to the preliminary data of the Ministry of Commerce. Bilateral trade stood at $80.51 billion in 2020-21. Democrat MP Krishnamurthy said, ‘The rapid growth of trade between the US and India is a testimony to the strength of the relationship between our democracies. Our partnership enhances the prosperity and security of both our countries as well as the wider world.
Krishnamurthy said, “Although the US has now become India’s largest trading partner, it is imperative that we recognize the enormous potential to further strengthen both the economies and create jobs in the US.” It is one of the countries with which India has a trade surplus. India’s trade surplus with the US in 2022-23 was $28 billion.
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