US-India trade to double in five years

Last Updated: Mon, Nov 01, 2010 19:40 hrs

The bilateral trade between India and the US is expected to double in five years from the present $37 billion (about Rs 1,71,000 crore). The imports to India are now valued at $ 16 billion (Rs 72,000 crore) and exports $21 billion (Rs94,500 crore), according to Suresh Kumar, assistant secretary of commerce and director general US and Foreign Commercial Services.

Speaking to the media here on Monday, he said the President had called upon doubling of US exports over two years. US was keen to develop partnerships with India in areas relating to green energy, pharma, biotech, healthcare, aviation, power and infrastructure sectors. India was now US’ 17th biggest export market. The country was 25th largest importer to the US, he said.

As many as 11 deals in the energy sector were signed in Delhi, where he led a delegation to explore trade prospects in energy, he said without quantifying the deals’ worth.

Dismissing the idea of protectionism, he said, "President Obama has made it very clear that the US stands for free and fair market. Protectionism does not help. On the other hand, we would encourage your investment in our country in manufacturing and other sectors where both the countries could participate."

Suresh Kumar said there was a need for India to open up her financial and retail sectors more. This would address the dual needs of funding and technology.

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