During discussions on trade agreements, US Secretary of State for Energy Resources Geoffrey R Pyatt likened the evolving trade relationship between India and the US to culinary delights, stating that it was no longer “flat as a ‘chapati'” but had expanded and become “big and puffed up like a ‘puri'”.
Deepening Trade Relations
Pyatt emphasized the significant growth and strengthening of bilateral trade and investment ties between the two countries. While acknowledging that the US and India are not currently involved in Free Trade Agreement (FTA) negotiations, he highlighted ongoing discussions to deepen the trade relationship further.
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The US official’s remarks underscore the dynamic nature of the India-US trade partnership, which has witnessed substantial growth in goods exports from the US to India. In 2022, goods exports reached $47.2 billion, marking a 17.9% increase from the previous year and a remarkable 113% increase from 2012.
India’s Role in Ensuring Security
Pyatt commended the Indian Navy for its prompt action in rescuing a tanker ship from attack by Yemen’s Houthi rebels in the Red Sea crisis. He noted that India’s role as a regional net security provider benefits the US, highlighting the country’s capacity and commitment to maintaining stability.
During his visit to India, Pyatt discussed energy security with Union Petroleum and Natural Gas Minister Hardeep Singh Puri. They addressed the disruption of global energy markets caused by Houthi attacks on merchant ships in the Red Sea, as well as conflicts such as the Israel-Hamas war and the Russia-Ukraine war.
Stability of Global Energy Markets
Both countries share a common interest in ensuring the stability of global energy markets and delivering energy with the lowest possible carbon footprint. Pyatt stressed the importance of collaboration in addressing challenges and maintaining energy security for citizens.
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