The strategic relationship between India and the US is truly a "partnership of trust" and the friendship will continue to be a "force for good" for global peace and stability, Prime Minister Narendra Modi said during a bilateral meeting with US President Joe Biden here on Tuesday.

"Our shared values, and our common interests in many areas, including security, have strengthened the bonds of this trust. Our people-to-people relations and close economic relations also make our partnership unique," Modi said in his remarks during the meeting with Biden on the sidelines of the Quad summit in Tokyo.

The prime minister said the trade and investment ties between the two sides are also expanding continuously, although it is still well below their potential.

"I am sure that the India-USA Investment Incentive Agreement between us will see concrete progress in the direction of investment. We are increasing our bilateral cooperation in the field of technology, and also strengthening mutual coordination on global issues," Modi said.

In his televised remarks, Modi said both the US and India share the same vision about the Indo-Pacific region and are working to safeguard the shared values and common interests not only at the bilateral level but also with other like-minded countries.

"Quad and IPEF (Indo-Pacific Economic Framework for Prosperity) announced yesterday are active examples of this. Today our discussion will give more momentum to this positive momentum," he said.

"I am confident that the friendship of India and America will continue to be a force for good for global peace and stability, for the sustainability of the planet, and for the well-being of mankind," Modi said.

Both leaders shared their views on a wide range of issues and discussed ways to deepen the India-USA friendship, the prime minister's office said.

US President Joe Biden told Prime Minister Modi that he is committed to making America's partnership with India among the closest on earth, saying "there is so much that the two countries can and will do together".

President Biden, on his part, praised India's Covid vaccination efforts. Biden said he was pleased that the two countries have reached an agreement for the US Development Finance Corporation to continue this important work in India, supporting vaccine production, clean energy initiatives.

"I am glad that we are renewing the Indo-US Vaccine Action Programme," he said.

"There is so much that our countries can and will do together. I am committed to make the US-India partnership among the closest we have on earth," Biden said.

In line with Washington's long-term vision for the region, Biden on Monday launched the ambitious Indo-Pacific Economic Framework for Prosperity (IPEF), which is an initiative aimed at deeper cooperation among like-minded countries in areas like clean energy, supply-chain resilience and digital trade.

"Advancing India-US Comprehensive Global Strategic Partnership Warm & wide-ranging talks held between PM @narendramodi and @POTUS @JoeBiden on bilateral, regional & global matters. Leaders noted with satisfaction the frequency of bilateral dialogues and engagements across levels," Ministry of External Affairs Spokesperson Arindam Bagchi tweeted.

The two leaders discussed ways to strengthen cooperation in trade, investment, technology, defence, and people-to-people ties between the two countries. "Concluded with substantive outcomes adding depth and momentum to the bilateral partnership," he said.