Business

US surpasses China to become India’s top trading partner

US surpasses China to become India's top trading partner

TIL Desk/Business/New Delhi/ The United States has surpassed China to become India’s top trading partner, showing greater economic ties between the two countries. According to the data of the commerce ministry, in 2018-19, the bilateral trade between the US and India stood at $87.95 billion.

During the period, India’s two-way commerce with China aggregated at $87.07 billion. Similarly, during April-December 2019-20, the bilateral trade between the US and India stood at USD 68 billion. It stood at USD 64.96 billion with China in the same period.

Trade experts believe that the trend will continue in the coming years also as New Delhi and Washington are engaged in further deepening the economic ties.

An expert said that if the countries will finalise a free trade agreement (FTA), then the bilateral trade would reach at different levels.”FTA with US will be very beneficial for India as the US is the biggest market for domestic goods and services,” Federation of Indian Export organisations Director General Ajay Sahai said.

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