India and the United States will aim at doubling bilateral trade to a level of US $ 40 billion within three years and collaboration between small and medium enterprises of the two countries will play a major role in augmenting the trade flows.
This was indicated by Shri Kamal Nath, Union Minister of Commerce and Industry, and Mr Rob Portman, the United States Trade Representative (USTR) following a meeting they had to discuss bilateral trade relations.
The two-way trade between India and the US in 2004-05 stood at US $ 20 billion. Underlining the vast potential for increasing the trade volume, Mr Portman mentioned that USA's merchandise trade with China alone was valued at US $ 300 billion annually, whereas USA's trade with India covering both goods and services would amount to around US $ 30 billion.
Mr Portman was accompanied by Mr Karan Bhatia, Deputy USTR, Mr Peter Allgeier, Deputy USTR and other US officials. Shri S.N. Menon, Commerce Secretary, Shri Ajai Dua, Secretary (Industrial Policy & Promotion), Shri G.K. Pillai, Special Secretary, Ministry of Commerce & Industry and other senior officials participated from the Indian side. The Doha Development Agenda also figured in the talks.
The discussions focussed mainly on a review of the activities of the India-US Trade Policy Forum, especially in the context of issues and priorities being addressed by the five focus groups on agriculture, tariff and non-tariff barriers (NBT) in industrial products, services, investment and innovation and creativity.
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