Indo-US trade to reach $500 billion in ten years
The Atlantic Council on Tuesday announced a new trade initiative aimed at improving the bilateral trade between India and US. This comes in the wake of the meeting between President Barrack Obama and Modi’s ambitious plans to increase trade in the next ten years. These new trade initiatives are aimed at seven of the most crucial and biggest areas in the Indo-US trade relationship. According to a press release, the trade value between the two countries will increase from the existing $100 billion to $500 billion in the next ten years.
India Trade Initiative and Atlantic Council aim to bring about increased American support for continued collaboration and economic engagement with regard to trade and commerce in India.
“As the largest and oldest democracies in the world, India and the United States share a relationship built on common values. By further increasing trade between our two countries, we have an opportunity to strengthen our unique bond, advance American interests in the region, and grow both economies,” said US Senator John Cornyn, Co-Chair of the India Caucus.
The trade Initiative will focus on seven most crucial areas of the US-India trade relationship, comprising smart cities, defense, infrastructure, insurance, trade agreements, financial institutions, and intellectual property rights.
And in order to promote, sustain and leverage these positive developments, the Initiative aims to develop strategy papers, policy briefs and hold US-India trade workshops with practitioners, policy makers and various business leaders.
“Bilateral trade between the two countries already exceeds $100 billion annually. I hope we continue to work to harness the full potential of US and Indian cooperation to increase bilateral trade and provide more economic opportunities for companies in both the United States and India,” agreeing to Senator Cornyn’s comments, other Chair of the India Caucus, US Senator Mark Warner added.
The goal of the said trade initiatives will be to generate American support for continued economic engagement in India and to build strong relationships on issues of trade and commerce.
"India and the United States enjoy a robust and thriving trade relationship which holds tremendous potential for the future in a number of sectors including renewable energy, infrastructure, smart cities, IT services, digital economy, and defense,” saidArun Singh, Indian Ambassador to the United States.
“The elevation of the Strategic Dialogue between the two countries to a Strategic and Commercial Dialogue is a testimony to the importance of our trade and commercial ties in strengthening our bilateral partnership. I welcome the Atlantic Council’s new trade initiative, which is timely and reflective of the new synergy in our trade relations,” he added.