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India-US relationship needs stronger economic bond to achieve full potential: CEA

Chief Economic Adviser (CEA) Arvind Subramanian has said that the relationship between India and the United States (US) have been extremely well on the strategic and defence fronts but it needs stronger economic bond in order to achieve full potential. He said “I was a great supporter of the US-India Free Trade Agreement (FTA) idea some time ago. Of course, we all have to recalibrate our notions and expectations and so on.” He added that there is need to start thinking more creatively about how to maintain this relationship. 

Subramanian has noted that India has benefited from open international trading system in the past and in the long run, its economic fortune depends on an open trading system. Therefore, he said that it was terribly important for India and the US to work towards sustaining this open relationship. He expressed hopes that the nation will ride out the current problems of attitudes to the trading relationships, but in the medium run, it's up to countries like India, many middle-income countries like India, medium-sized countries to sustain an open international trading environment.

Asserting that the Indo-Pacific is and is going to continue to be the world's economic center of gravity for a very long time, CEA said that India has to be well-positioned in order to both contribute to and take advantage of this kind of opportunity. Calling the Trans-Pacific Partnership (TPP) 'one of the big developments', he expressed hopes that the US will reconsider its decision about the multilateral agreement for economic, geo-strategic, and geopolitical reasons. He noted that there is now a real opportunity for India and the US to cooperate on coal.

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