By Ayushi Agarwal

New Delhi [India], February 16 (ANI): President and Chief Executive Officer of the US- India Strategic Partnership Forum (USISPF), Mukesh Aghi on Monday hailed the recently announced interim-trade agreement between India and the United States, calling it to present tremendous opportunity for SMEs in India to leverage US market.

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In an exclusive interview to ANI, he said, "It's (Interim Trade Agreement) very positive. You have to understand that India's largest trading partner is the United States. You have a $200 billion goods trade. We like to see this going up to $500 billion. The current basically structure put together is going to help Indian companies, especially companies which are on the labour intensive area like gem and jewellery, garment, others. they can manage and basically expand into the US market. So I think it's a tremendous opportunity for the SMEs in India to leverage the US market."

The United States and India announced a framework for an Interim Agreement on reciprocal, mutually beneficial trade, reaffirming their commitment to a broader Bilateral Trade Agreement (BTA) launched by President Donald Trump and Prime Minister Narendra Modi on February 13, 2025.As part of the framework, India has agreed to eliminate or reduce tariffs on all US industrial goods and a wide range of US agricultural and food products, including dried distillers' grains (DDGs), red sorghum for animal feed, tree nuts, fresh and processed fruit, soybean oil, wine and spirits, and additional products.

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On the other hand, the United States will impose a reciprocal tariff of 18 per cent on goods originating in India, including textiles and apparel, leather and footwear, plastic and rubber products, organic chemicals, home decor, artisanal goods and certain machinery.

On the front of AI, tech and its funding, Aghi said that India's strength lies in application development which will help companies flourish and make a mark in the global market.

He said, "When you look at startup, 90% of the VC funding is coming from the US. And so it is important that we keep on looking at that and keep on encouraging the VC funds coming into India itself. That's critical. On the infrastructure side, think you are seeing companies like Google announcing $15 billion AI center. You look at Microsoft. And we have other companies looking at setting up large infrastructure data centers in India to leverage not only just domestic market, but to go after the broader market... I think the strength of India is moving from software to application development. I think that's where you'll see Indian companies flourish and go after the global market."

He made the remarks on the sidelines of the Global AI Impact Summit being hosted here in the national capital.

With India hosting the AI Impact Summit at the Bharat Mandapam in the national capital, Prime Minister Narendra Modi on Monday welcomed all world leaders, industry experts and other dignitaries who have arrived to participate in the event.

PM Modi will inaugurate the India AI Impact Expo 2026 at the Bharat Mandapam in the national capital. An unprecedented roster of Presidents, Prime Ministers, Crown Princes, and the brightest minds from Silicon Valley and beyond will converse at the Bharat Mandapam as India is set to host the AI Impact Summit 2026.

The summit will be the first global AI summit to be hosted in the Global South. It will bring together global leaders, policymakers, technology companies, innovators, and experts to showcase and deliberate on the transformative potential of AI across governance, innovation, and sustainable development.

The AI Impact Summit which kicked off on Monday in New Delhi will welcome world leaders from across 20 countries, including French President Emmanuel Macron, Brazilian President Lula da Silva, Sri Lankan President Anura Kumara Dissanayake and others. UN Secretary General Antonio Gutteres will also attend the event.

From February 16 to 20, the Impact Summit, the first international AI summit hosted in the Global South, showcases New Delhi's ambition: to shape an AI future that is inclusive, responsible, and impactful. At the core is India's audacious vision for sovereign AI. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)