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New York: The launch of a digital portal marks a significant step in enhancing trade relations between India and the United States, aiming for an ambitious $500 billion in annual trade, as stated by Commerce Minister Piyush Goyal.

During the inauguration of the India-US Trade Facilitation Portal at the Indian consulate in New York, Goyal emphasized the unique partnership forged on shared democratic values and a commitment to innovation.

He highlighted the rapid growth of bilateral trade, which is on track to meet the $500 billion target, stressing the importance of including Micro, Small, and Medium Enterprises (MSMEs), farmers, and fishermen in this growth.

Goyal also pointed out the need for self-reliance in the context of digital transformation and resilient supply chains.

Foreign Secretary Vikram Misri, who launched the portal from Washington, noted that recent global events, including the Covid pandemic and geopolitical shifts, have underscored the necessity for diversified and reliable supply chains.

He remarked that while vulnerabilities have been exposed, they also present opportunities for trusted partnerships and dependable geographies, leading to the creation of this dedicated digital platform.

The portal serves as a digital bridge connecting Indian innovation with American enterprise, offering US importers various options for onboarding suppliers through AI-driven matching and smart search functionalities.

It provides a secure dashboard for businesses to track deals in real-time, allowing Indian MSMEs to showcase their products to US importers, which would otherwise be challenging.

Additionally, Indian businesses can engage in webinars with major retailers like Walmart and Costco, gaining insights into compliance with US regulations.

Misri acknowledged the resilience of the trade relationship between India and the US, which has continued to thrive despite challenges such as tariffs and global uncertainties.

Bilateral trade has reached an impressive $241 billion, marking the fourth consecutive year that the US has been India's largest trading partner.

He noted that this growth is particularly remarkable given the volatility experienced in recent years, both bilaterally and globally.

The trade tensions initiated during President Donald Trump's administration, which included tariffs as high as 50%, have since been mitigated, allowing for a more stable trading environment.

Ambassador Vinay Kwatra reiterated Prime Minister Narendra Modi's vision of achieving the $500 billion trade goal as part of the broader mission of Viksit Bharat, aiming to transform India into a developed nation by 2047.

Kwatra emphasized that today's efforts would not only contribute to this trade target but also significantly enhance India's economic landscape.

Consul-General Binaya Srikanta Pradhan reported a positive response from importers and exporters registering on the portal, with all consulates actively participating in virtual exhibitions and educational initiatives.

In a forthcoming event, the Seattle consulate will host a presentation by Costco, detailing how businesses can integrate into its supply chain.