Tokyo/ New Delhi, May 24, (UNI) Prime Minister Narendra Modi on Tuesday said that the Indo-US strategic partnership is "truly a partnership of trust" while observing that "trade and investment between the two countries is far below its potential."

The Prime Minister was speaking during his inaugural address at the bilateral meeting with US President Joe Biden in Tokyo.

"Mr President, it's always a pleasure to meet you. Today we also participated together in another positive and useful Quad Summit. The strategic partnership between India and the US is truly a partnership of trust," he said.

Our shared values, and our common interests in many areas, including security have strengthened the bond of this trust. Our people-to-people relations and strong economic ties also make our partnership unique, he added.

Modi said that trade and investment between India and the United States are also expanding steadily, although it is still far below its potential.

"I am confident that the India-USA Investment Incentive Agreement between us will see concrete progress towards investment," he said.

The Prime Minister noted that the two countries are enhancing bilateral cooperation in the field of technology, and also strengthening mutual coordination on global issues.

"We both have a common view of the Indo-Pacific region and are working not only at the bilateral level but also with other like-minded countries to safeguard our shared values and common interests," the PM said.

The Prime Minister said that the Quad Summit and the IPEF announced on Monday are active examples of this.

Our discussion today will further accelerate this positive momentum, he hoped.

"I am confident that India and the United States will remain a 'force for good' for friendship, global peace and stability, the sustainability of the planet, and the welfare of mankind," the PM said.

US President Joe Biden said that he is committed to making India-US partnership among the closest on earth.

"Mr Prime Minister, there is so much that our countries can and will do together. I'm committed to making US-India partnership among the closest we have on earth," he said.

Biden also appreciated PM Modi for handling the pandemic successfully.

"I am pleased that we have reached an agreement for US Development Finance Corporation to continue this important work in India, supporting vaccine production, clean energy initiatives. I am glad we are renewing the Indo-US Vaccine Action Program," he said.

Biden also raised Russia's military action against Ukraine during the bilateral meeting with Prime Minister Narendra Modi.

"We also discussed ongoing effects of Russia's brutal and non justified invasion of Ukraine and the effect it has had on the entire global world order. The US-India partnership is going to continue to consult closely on how to mitigate these negative effects," he said.

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