Answer:

• • The U.S.-India strategic partnership is founded on shared values including a commitment to democracy and upholding the rules-based international system.
  • Both have shared interests in promoting global security, stability, and economic prosperity through trade, investment, and connectivity.
• Economic Relations:
  • The U.S. has emerged as India’s biggest trading partner in 2022-23 on account of increasing economic ties between the two countries.
  • The bilateral trade between India and the U.S. has increased by 7.65% to USD 128.55 in 2022-23 as against USD 119.5 billion in 2021-22.
    • Exports to the U.S. rose by 2.81% to USD 78.31 billion in 2022-23 as against USD 76.18 billion in 2021-22, while imports grew by about 16% to USD 50.24 billion.
• International Cooperations:
  • India and the United States cooperate closely at multilateral organizations, including the United Nations, G-20, Association of Southeast Asian Nations (ASEAN) Regional Forum, International Monetary Fund, World Bank, and World Trade Organization.
  • The United States welcomed India joining the UN Security Council in 2021 for a two-year term and supports a reformed UN Security Council that includes India as a permanent member.
  • India is also one of twelve countries partnering with the United States on the Indo-Pacific Economic Framework for Prosperity (IPEF).
  • India is a member of the Indian Ocean Rim Association (IORA), at which the United States is a dialogue partner.
  • In 2021, the United States joined the International Solar Alliance headquartered in India, and in 2022 the United States Agency for International Development (USAID).
• Defence Cooperation:
  • India has now signed all four foundational agreements with the US.
    • The Logistics Exchange Memorandum of Agreement (LEMOA) in 2016,
    • the Communications Compatibility and Security Agreement (COMCASA) in 2018,
    • The Basic Exchange and Cooperation Agreement for Geo-Spatial cooperation (BECA) in 2020.
    • While the General Security of Military Information Agreement (GSOMIA) was signed a long time ago, an extension to it, the Industrial Security Annex (ISA), was signed in 2019
  • India, which could not access US weapons during the Cold War, has bought USD 20 billion worth of arms over the last two decades.
    • However, the incentive for the US is helping India reduce its historical dependence on Russia for its military supplies.
  • The armed forces of India and the US engage in extensive bilateral military exercises (Yuddha Abyas, Vajra Prahar) and minilateral ones with the four partners in the Quad Forum (Malabar).
  • Another grouping in the Middle East – I2U2 involving India, Israel, UAE and the US is being termed as the new Quad.