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Piyush Goyal to travel to US later this month for G20 talks, says ambassador Sergio Gor
Addressing the ACMA annual session, the US Ambassador said the two governments were working to build a trade relationship that was fair and mutually beneficial.
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Union Commerce and Industry Minister Piyush Goyal will travel to the United States later this month for G20-related meetings, US Ambassador to India Sergio Gor said on Wednesday, as he highlighted growing engagement between the two countries.
Speaking to the media on the sidelines of the 66th Annual Session of the Automotive Component Manufacturers Association of India (ACMA) in New Delhi, Gor said India and the US were working closely on several issues.
"The United States and India are working very closely together; a lot is happening. The Minister will be travelling for the G20 meetings, just in a few weeks, in the United States. We look forward to having him in the United States," Gor said.
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Addressing the ACMA annual session, the US Ambassador said the two governments were working to build a trade relationship that was fair and mutually beneficial.
"Our two governments are working closely together to build a trade relationship that is fair, reciprocal, and mutually beneficial," he said, adding that Goyal would travel to the United States "at the end of the month" to continue engagement as the US hosts the G20 talks.
Gor said both countries should work towards providing greater market access to companies on either side.
"As our governments work through the details of our trade relationship, we should aim to create an environment where American suppliers and technology can freely access the market and be sold to Indian manufacturers, while Indian firms can compete fairly in the US market," he said.
The Ambassador also invited Indian automotive component manufacturers to participate in the next SelectUSA Investment Summit in May near Washington, DC.
Highlighting Indian investment in the US, Gor said the US Embassy in India had led American diplomatic missions globally in attracting new investment.
"We were very proud that our embassy in India came in first, with $24 billion in new investment into the United States," he said.
He cited Indian companies including Bharat Forge, Sundaram Clayton and Mahindra as examples of businesses investing and manufacturing in the US.
Gor also pointed to growing American investment in India, saying Ford had recently announced USD 370 million to retool its Chennai facility to manufacture next-generation engines for global markets. He also highlighted the presence of companies such as Cummins, BorgWarner, Tenneco and Dana in India's automotive manufacturing ecosystem.
Referring to cooperation in critical technologies, Gor said the recently signed Pax Silica Declaration would support cross-border investment.
"This declaration will make it easier for American and Indian companies to invest across borders and will empower the next generation of entrepreneurs and builders in both of our countries," he said.
"We trust India and we want to work with India," the Ambassador added.
