Washington, April 8 Foreign Secretary Vikram Misri launched the India-US Trade Facilitation Portal here on Wednesday as the two countries aim for a bilateral trade target of USD 500 billion.
Misri, who is on a three-day visit to the US, launched the portal at a virtual event that was attended by India's Ambassador to the US, Vinay Mohan Kwatra, as well as officials and trade representatives from both countries.
"It will serve as a bridge, ensuring continuity and reinforcing existing supply chains, while also enabling new commercial linkages to emerge and grow," Misri said.
In a video message to the inaugural function, Commerce and Industry Minister Piyush Goyal urged exporters and businesses in India and the US to make greater use of the India-US Trade Facilitation Portal to boost bilateral trade.
He also said that bilateral trade is growing towards the USD 500 billion mark, an ambitious target set by both sides.
Goyal said that the portal is a "launchpad" for domestic service exporters, and it will also provide opportunities for businesses, from a farmer in Punjab to a jeweler in Surat and a software expert in Bengaluru to pharmaceutical firms in Telangana.
Misri began his three-day visit to the US on Wednesday to meet with senior officials to review bilateral trade and defense relations, and to discuss global developments, including the crisis in West Asia.
Misri's visit comes as both the US and India are working to stabilize relations after a period of uncertainty and strain. Relations have seen a major downturn following Washington's imposition of punitive tariffs on New Delhi, and President Donald Trump's controversial assertions regarding his role in de-escalating the India-Pakistan military clashes last May.
In February, the US and India reached a framework for an Interim Agreement regarding reciprocal and mutually beneficial trade (Interim Agreement).
Misri noted the efforts of the India’s Consulate General in New York in putting together the portal along with all the stakeholders, export promotion councils, industrial bodies, and government departments from India and the United States.
"For example, our bilateral trade reached a record USD 241 billion last year, making it the fourth consecutive year that the United States has been India's largest bilateral trading partner," the foreign secretary said.
Misri said that several B2B platforms already exist, but a dedicated India-US platform unlocks the full potential of this bilateral partnership.
"This is especially timely as we re-engage on the shared bilateral ambition towards Mission 500, doubling our bilateral trade to 500 billion dollars by 2030," he said.