Union Minister for Commerce and Industries Piyush Goyal has said that Indo-US relationship is at their best ever now and trade relations between the two countries have a huge potential which is yet to be tapped.
Addressing the US-India Strategic Partnership Forum, USISPF in New Delhi today, Mr Goyal said, India and the US must look at a much larger agreement like a bilateral agreement.
On the trade talks between India and the US, the Minister said that things are on the right track and India is looking to the US for technology, innovation, skills and quality education. He said, India, on the other hand, offers an attractive market to US businesses and skilled labour that can add value to American companies.
He informed the Forum that the Commerce and Industry Ministry is working to create a single window for investments into India and he welcomed innovative ideas and solutions for the creation of this single window. He also informed the gathering that the Department of Commerce is also working to bring down the cost of logistics that have to be borne by manufacturing companies in India.
According to USISPF estimates, India-US bilateral trade is projected to grow to 238 billion dollars by 2025. The assessment underscores the pathways for growth and economic opportunities in bilateral ties by highlighting current trends. Sectors like defence trade, commercial aircraft, oil and LNG, coal, machinery and electronics are areas of potential growth in US investments and commerce into India. Indian industry has an opportunity to promote automotive, pharmaceuticals, seafood, IT and travel services to the US market.