India, US eye bilateral trade worth USD 500 bn: report

Mumbai, Aug 28 (PTI) Positioned as a major investmentdestination to the world, India is targeting to increase itsbilateral trade with the US to USD 500 billion from currentlevels of over USD 100 billion, in the near term. According to a recent joint report by PwC and IndoAmerican Chamber of Commerce (IACC), bilateral relationsbetween India and the US have been cemented further in thelast two years with increased issuance of visas, visits bydignitaries, initiatives to combat terrorism, as well astrade. "Both countries now aspire to increase bilateral trade tothe tune of USD 500 billion from the current USD 100 billionplus annually," the report said. Further, it said that 10 sectors like aerospace anddefence, banking, financial services and insurance, chemicals,dedicated freight corridors, energy and infrastructure haveimmense potential not just for domestic growth, but also forstrengthening India’s position as a global business hub. Other sectors mentioned in the report are ports andinland waterways, oil and gas, pharmaceutical anddigitisation. These 10 sectors are earning good dividends through thejoint efforts of Indian government and industry, the reportsaid. "Activities in India are at an all-time high. Indiacontinues to open up its sectors to global companies withreforms such as raising FDI limits, dropping licenses andregulatory barriers, and inviting high-tech solutions," PwC’US Business Group partner Dwaraknath E N said. "The high rate of economic growth and projections forcoming years indicate that India will continue to be apreferred investment destination," Dwaraknath said. As per the report, India continues to remain the world’slargest arms importer, accounting for 14 per cent of theglobal imports in 2011–2015, with the US being one of itsbiggest suppliers. "US is the second largest trading partner of India with agrowth potential of bilateral trade increasing to USD 500billion in the near future," IACC secretary general RanjanaKhanna said. "The driver for India’s economic growth will be trade.During the last couple of decades, the economies of China,Germany, Japan, Korea have all been driven by trade," Khannaadded. PTI SSM GK JMMKJJMF