India-US defence ties on firm footing: KPMG-AMCHAM
G
eopolitical changes together with recent political disturbances appear to have set the stage for a defining partnership between India and the United States in the Indo-Pacific region, according to a new report by KPMG and American Chamber of Commerce in India (AMCHAM).
It said the steady growth in India's defence expenditure only adds room to boost Indo-US ties -- especially for new-age and high-tech defence systems -- given the need for a strategic geopolitical partnership in the Indo-Pacific region, safeguarding national interest and a gradual change in global supply chains.
The need of the hour is to outline the contours of a sustainable trade negotiation that is broad-based and encompasses the principles of economic engagement between the two nations, said the report titled 'India-US Defence Partnership -- The Road Ahead.'
"The alliance between India and the US is one of the defining relationships of the 21st century. The bilateral trust has grown into a global strategic partnership driven by convergence of interest on regional and global issues," it said.
The relationship between India and the US has witnessed considerable improvement owing to the political will of both countries which ensured that the India-US relationship remains on a growth track and become more profound year on year.
Both countries have more than 50 dialogue mechanisms covering cooperation in areas of defence and security, trade and investment, civil nuclear energy and cyber security.
The report showcases that while the United States has only recently started supplying defence equipment to India in the last decade, there have been significant investments of American companies already in India which are generating employment, exports and helping India make strides in its defence capabilities and prowess.
On the other hand, the commercial relationship between the two countries has matured significantly over the years. Two-way trade has grown.
"In the prevailing geo-political backdrop, defence cooperation is a key cornerstone of Indo-US relations which is imperative both from a strategic and commercial standpoint. It has taken time for the two countries to develop strategic ties built on cohesive ambitions of economic growth and geo-political leadership," said the report.
"Indo-US ties are witnessing an upward trajectory regardless of the political leadership and will continue to remain so, owing to mutual gains on the economic and strategic front. This relationship has been fostered and strengthened by a number of significant events and milestones."
✔️ India-US defence ties on firm footing: KPMG-AMCHAM
💕 Found this article helpful? Spread the word and support us!