India is looking forward to strengthening its economic relationship with the United States by engaging with the incoming Trump administration, India’s trade minister Piyush Goyal told reporters in New Delhi on Friday.

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“We are looking forward to a very deep and substantive engagement with the new US administration,” the trade minister said, noting that under Prime Minister Narendra Modi, India has bolstered bilateral relations with successive US administrations, including those led by Barack Obama, Donald Trump and Joe Biden.

Bilateral trade between India and the United States, India’s largest trading partner, exceeded $118 billion in 2023/24, with India registering a trade surplus of $32bn.

Industry estimates suggest that trade could grow by an additional $50bn within two to three years, underscoring the significant potential for stronger economic cooperation.

The government and industry groups favour a broader trade and investment pact with the US to help Indian manufacturers integrate into global supply chains while retaining policy flexibility to safeguard national interests.

Goyal said that India’s goods and services trade is projected to surpass $800bn in the 2024/25 fiscal year, ending March.

While aiming to protect its manufacturers from potential US tariff hikes on its exports, India is exploring ways to strengthen ties with Washington as Trump has threatened tariffs of 60 per cent and other curbs on imports from China.