India and USA to double trade in next three years
In order to boost the bilateral economic engagement between the two nations, India and United States have announced to double two-way trade to $40 billion by 2008. They have identified the small and medium enterprises sector as a focus area for achieving the ambitious target.
Commerce Minister, Mr. Kamal Nath said at a FICCI meeting with visiting US Trade Representative Rob Portman: “Our current level of trade at $21 billion is way below potential. We should aim to achieve a trade target of $40 billion in the next three years.â€
Mr. Portman agreed with Mr. Kamal Nath and said doubling the trade in three years was an ambitious but achievable target and assured the support of US Administration in this regard. As of now, India’s total merchandise trade with US stands at about $21 billion, of which Indian exports are $14 billion and imports about $7 billion.