Bilateral trade with US would grow beyond 50 billion dollars in 2011: Anand SharmaBy ANI
Monday, February 7, 2011
NEW DELHI - Union Commerce and Industry Minister Anand Sharma on Monday said he is hopeful that India’s bilateral trade with the United States of America would grow beyond 50 billion dollars in 2011.
Sharma said that investments between the two nations would also witness an upward movement.
“The bilateral trade with U.S. in 2010 was 50 billion dollars. We hope that it will continue to improve further given the nature of engagement, and also the investments. Both ways will see an upward trend, particularly the U.S. companies coming and setting up manufacturing facilities and participating in India’s infrastructure building and agro-processing and food processing sectors,” Sharma told reporters after a meeting with U.S. Commerce Secretary Gary Locke.
Sharma said the two countries would continue to work upon bilateral trade to improve it.
“This is a follow-up to further consolidate the bilateral economic partnership, and also strengthening the commercial dialogue between the two countries. We have reviewed the progress that we have made and also the issues of market access, non-tariff barriers to further improve upon the bilateral trade,” he added.
Locke had earlier expressed concern about India’s tariff and non-tariff barriers, highlighting the hurdles in boosting bilateral trade despite their growing economic and security ties.
Locke’s remarks came after a meeting with Sharma where the two sides reviewed progress on thorny issues, such as market access and non-tariff barriers.
Despite India’s growing global weight, it is only the United States’ 14th biggest trading partner and obstacles, from outsourcing controversies to the Doha world trade round and market access, have put the brakes on faster integration.
The stakes on trade are high, as the United States and India need each other to meet ambitious export targets amid a sluggish U.S. economic recovery, yawning trade deficits with China, and fears of global imbalances sparking a standoff. (ANI)