The world’s largest democracy and the world’s most powerful democracy continue to seek ways to create deeper ties. Given larger geopolitical trends, it appears the relationship is blossoming, which presents opportunities for businesses engaged in overseas trade. The most recent example of these efforts occurred in early June, when Indian Prime Minister, Narenda Modi, made his fourth visit to the United States since winning his office two years ago. His three-day visit included a meeting with President Obama and a joint meeting of the U.S. Congress, where Prime Minister Modi outlined his desire for stronger ties and increased trade between the United States and India.

Prime Minister Modi’s speech highlighted the burgeoning trade relationship between India and the U.S., noting that increased trade would generate opportunities for both nations and that India now trades more with the U.S. than any other nation. Indeed, trade between the two nations has grown from $60 billion in 2009 to $107 billion in 2015, while the American defense industry is now exporting $14 billion worth of defense equipment to India, an increase from approximately $300 million less than a decade ago. His speech also focused on the need for additional coordinated efforts between the two nations with respect to fighting terrorism and climate change. His desire to further develop closer relationships around trade, the environment, and terrorism was clear throughout his remarks.

And it appears the feeling is mutual. A joint statement released by the White House following his remarks touched on these same themes. With respect to trade, the joint statement indicated that each nation would explore ways to break down barriers to the movement of goods and services between them, in order to substantially increase bilateral trade. To that end, the joint statement called for continued dialogue through various working groups and policy forums. Of particular importance to the U.S. was an indication that there would be enhanced engagement to harmonize intellectual property rights. The U.S., on the other hand, encouraged its private sector to engage with India’s Smart City program, an effort to develop smarter local area growth by improving infrastructure and the delivery of local services.

While no significant policies or programs were unveiled, the progress that has been made since PM Modi took office has been swift and suggests more significant tangible policies or programs may follow. Not too long ago, the Prime Minister was banned from entering the U.S. – a result of religious-based attacks that occurred in the Indian state of Gujarat while he was that state’s Chief Minister. That ban was lifted when he was on the precipice of winning the election in 2014, and since then, he has developed a strong personal connection with the President, visiting the U.S. four times, and was invited to address a joint meeting of the U.S. Congress, an honor reserved for only a handful of world leaders every year. Businesses seeking to engage in trade opportunities in the region will benefit from following these developments closely.