Lift increases with increase in airspeed but induced drag reduces with increase in airspeed.
If you keep weight ($W$) constant, the total lift ($L$) does not change with change in airspeed ($V$). $L=W$ for quasi-steady flight, right?
What is changed is the lift coefficient, $C_L$. As speed increases, $C_L$ decreases. Induced drag coefficient ($C_{D_i}$) is related to the square of lift coefficient:
$$C_{D_i}=\frac{1}{\pi e A}C_L^2$$
where $e$ is the efficiency factor (related to wing shape), and $A$ is aspect ratio.
The total induced drag ($D_i$) as a function of speed is:
$$D_i=\frac{2W^2}{\rho V^2 S \pi eA}=\frac{2W^2}{\rho V^2 \pi eb^2}$$
where $b$ is the wing span, $\rho$ is air density and $S$ is the wing reference area. As you can see, the induced drag itself decreases with increasing airspeed for constant weight.
Higher Aspect ratio wings generates greater lift but creates less induced drag
Higher aspect ratio wing does not generate greater lift. It just generates more efficient lift, where efficiency here means less induced drag (see first equation, notice how $C_{D_i}$ decreases with increasing $A$). Note: efficiency here ignores structural penalties, skin friction drag and stall characteristics, which are adversely impacted with higher aspect ratio.