Prime Minister Narendra Modi on Tuesday said that the strategic partnership between India and the US is a "true partnership of trust".

"Our shared values, and our common interests in many areas, including security, have strengthened the bonds of this trust," he said in his opening remarks during a bilateral meeting between the two nations on the sidelines of the Quad Summit in Tokyo.

The Prime Minister further said that "our people-to-people relations and close economic relations also make our partnership unique".

He said that there has been a sustained development in the field of trade and investment, though, it was still less than our real potential.

"Mr. President, it is always a pleasure meeting you, We participated in a positive and useful Quad Summit together today. I am confident that with the launch of the India-USA Investment Incentive Agreement, we can see concrete progress in days to come," Modi told US President Joe Biden.

The Prime Minister further said that "we are extending our bilateral cooperation in the field of technology and we are also consolidating our coordination on global issues".

"We share similar views on the Indo-Pacific, at the bilateral level as well as with like-minded countries to work to protect our common concerns. Our discussions today will give speed to this positive momentum."

He also said that the launch of the Indo-Pacific Economic Framework for Prosperity (IPEF) on Monday was a live example of this and that "our discussion today will give more impetus to this positive momentum".

"I am confident that the friendship of India and the US will continue to be a force for good for global peace and stability, for the sustainability of the planet, and the well-being of mankind," Modi added. (AA/IANS)