Indian diplomat Vikram Misri introduces online platform to enhance trade relationship between India and United States.

On Wednesday, Foreign Secretary Vikram Misri launched the India-US Trade Facilitation Portal, signaling the two countries' aim to reach a bilateral trade target of USD 500 billion. Misri, who is currently visiting the US for three days, virtually inaugurated the portal in the presence of Indian Ambassador Vinay Mohan Kwatra, officials, and trade representatives from both nations. During the event, Misri emphasized the portal's purpose as a bridge to strengthen existing supply chains and create new commercial linkages.

He also highlighted its potential to facilitate trade between India and the US, urging exporters and businesses to make the most of this platform. In a video message, Commerce and Industry Minister Piyush Goyal echoed Misri's sentiments and encouraged Indian and American businesses to utilize the portal to boost bilateral trade. He acknowledged that the bilateral trade is approaching the ambitious target of USD 500 billion, set by both countries.

Goyal also emphasized the portal's significance as a gateway for Indian service exporters to access the US market. He stated that it provides opportunities for various businesses, from farmers and jewelers to software experts and pharmaceutical companies. Misri's visit to the US aims to review bilateral trade and defense relations and discuss global developments, including the situation in West Asia.

This visit comes at a crucial time as both nations work towards stabilizing their ties after a period of uncertainty and strain. The relationship had suffered a setback when the US imposed tariffs on India and made controversial statements regarding its role in the India-Pakistan military clashes last year. However, in February, the two countries reached an Interim Agreement on reciprocal and mutually beneficial trade.

Misri acknowledged the efforts of India's Consulate General in New York in creating the portal in collaboration with stakeholders, export promotion councils, industrial bodies, and government departments from India and the US. He also highlighted the significant growth in bilateral trade over the past year, reaching a record of USD 241 billion. The US has been India's largest trading partner for the past four years.

Misri also noted that while numerous B2B platforms exist, a dedicated India-US platform unlocks the full potential of this partnership. He further stated that the portal reflects a shift in the governments' approach towards trade, as they are now actively taking on the role of matchmakers, connecting buyers and sellers, reducing friction, and fostering trust. This evolution is especially timely as both countries have set a shared ambition to double their bilateral trade to USD 500 billion by 2030, known as Mission 500.

In conclusion, the launch of the India-US Trade Facilitation Portal marks a significant step towards strengthening the bilateral trade relationship between the two nations and achieving their ambitious goal of USD 500 billion trade by 2030.