India, US have realised necessity of diversifying critical supply chains: Piyush Goyal

Noting that the world looks at India as a "trusted partner," Commerce and Industry Minister Piyush Goyal on Monday said that India's competitive advantages of cost, skilled manpower and huge market combined with US' innovation and investment can become a winning partnership amongst natural friends.

Welcoming United States Trade Representative (USTR) Katherine Tai at a reception here, he said India and the US have realised the necessity of diversifying critical supply chains and are "poised to play a leading role in developing trusted supply chains with other like-minded nations".

"The year 2020 had tested the world's resolve and brought the world to a standstill. Despite the lockdown, Prime Minister Narendra Modi directed us to ensure that India does not let down any of its international commitments for a single second. This is exactly what we did! We re-jigged our business processes. As a result, today the world looks at India as a 'trusted partner,'" Goyal said.

"I believe that India's competitive advantages of cost, skilled manpower and huge market domestic demand combined with US' innovation and investment can become a winning partnership amongst natural friends," he added.

Referring to United States-India Trade Policy Forum (TPF), the minister said that India and US can use this platform to engage and resolve outstanding issues in an amicable manner and send a strong message to the world that the US and India partnership is stronger than ever before.

"I hope our meetings will encourage business communities and investors on both sides to look at a greater degree of engagement," said the minister.

The minister said the relationship between the two countries gained strength due to defence cooperation.

"While our relationship has gained strength over years due to our defence cooperation, the Quad security dialogue consisting of Australia, India, Japan and the US has given it a new boost. We are also driven by our shared commitment to tackling climate change. We are glad that you have joined the International Solar Alliance," he said.

Goyal said India-US bilateral trade is showing a robust increase and Indian economy has also recovered sharply.

Goyal also said that India is implementing the largest vaccination drive in the world against the COVID-19 pandemic. India has administered more than 1.1 billion doses, while it plans to manufacture 5 billion doses next year to help serve and secure all of humanity.

"Citizens from both our countries look towards India-US partnership with great optimism and hope. This is a partnership that can not only help each other but the entire world to recover from the pandemic," said Goyal.

Katherine Tai is visiting India to take part in a meeting of the United States-India Trade Policy Forum (TPF).

( With inputs from ANI )

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