Mr. JOHNSON of South Dakota. Madam President, I rise today to speak on the importance of United States-India relations. President Obama recognizes this valuable partnership, hosting Indian Prime Minister Manmohan Singh at his first state dinner in 2009 and traveling to India in 2010. As President Obama begins his second term, it is vital that the United States remain committed to deepening our strategic partnership with India. In the coming decades, United States-India relations will be among the world's most important.
It is clear that United States-India cooperation on commercial and security initiatives over the past decade has resulted in greater opportunity for both nations. United States bilateral trade with India has increased 4 1/2 times in the last 10 years, and India is now one of the fastest growing export markets for the United States. Last year, India became the world's third largest economy in terms of purchasing power parity. In 2005, the United States and India signed a 10-year defense framework agreement which has greatly expanded bilateral security cooperation between our nations. India now conducts more defense exercises and personnel exchanges with the United States than with any other country.
As the world's largest democracy, India shares with the United States a strong commitment to representative government and the rule of law, but these are not the only values that bind us. It is my hope that the United States will continue to pursue a course with India that promotes collaboration on security, encourages civic engagement and open governance, and expands bilateral trade and investment. I look forward to a strong United States-India relationship for years to come.