India and the US need to strive towards a more ambitious and frictionless bilateral trade relationship, U.S. Ambassador to India Eric Garcetti said in New Delhi on Tuesday.
Speaking at the 20th Indo-U.S. Economic Summit organised by the Indo-American Chamber of Commerce, Mr. Garcetti lauded the recently concluded G-20 Summit in New Delhi, saying India has demonstrated its global leadership through the "most successful" G-20 in the history of the organisation.
The theme of the 20th Indo-U.S. Economic Summit is 'Sharing ideas and potential for a sustainable partnership between India and the U.S. for the next 25 years'.
"The goal that we should be setting for each other is how can we be more ambitious. Not just settle for another deal, not just settle for as we have done in the last few months bringing down the retaliatory tariffs and trade disputes between our countries. That's not good enough.
"I think we need to close our eyes and dream of what this relationship can be like even more than we would imagine today. How can we create a frictionless relationship?” Mr. Garcetti said.
Noting that there is a need to do away with even the smallest of friction between the two countries in terms of trade, he called for a reduction of tariffs and the creation of a more predictable regulatory environment.
He also pitched for a robust agriculture trade between India and the U.S.
“This is a great agricultural country and so is the United States. We want India to be one of our top three markets in the world. Here, the productivity in dairy and other areas has levelled off," Mr. Garcetti said. He congratulated India on the successful landing of Chandrayaan-3 on the southern pole of the Moon.
The Ambassador said that both countries are now looking at partnerships in the commercial space segment.
He stressed the importance of sharing technology and co-development of technologies in sectors like defence, in which India and the U.S. already have strong ties.