Trade ties between India and US to strengthen | SupportBiz

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Trade ties between India and US to strengthen

Anand Sharma, Minister for Commerce, Industry and Textiles, recently met John Bryson, United States Commerce Secretary in New Delhi. The two leaders have agreed on strengthening the economic ties between the countries, a press release states.

Sharma and Bryson stated that they were happy with the improving economic situation both in India and the US. They expressed happiness over the fact that bilateral trade between the two countries presently exceeds USD100 billion, stating that trade has particularly improved over the last two years.

They stated that economic ties between the two countries have been improving in various sectors, such as infrastructure, aviation, defence, energy, higher education, financial services and information technology.

The leaders also stated that the US is presently the largest trading partner for India, and that India is one of the most rapidly growing markets for the US.

Speaking about the improving India-US ties, Sharma stated: “We are engaged in a very important economic partnership. We have collaborations in high end technology, innovation. There are strong investments that Indian entities have made in the US."

In a joint statement, Sharma and Bryson stated: "The governments’ commitment to further strengthen the India-US economic partnership is an important element of the vision of the strategic partnership between the two countries outlined by Prime Minister Manmohan Singh and President Barack Obama."

Sharma and Bryson have agreed on the creation of an Infrastructure Debt Fund in India, which would be worth USD2 billion. The fund will be set up through participation by both Indian and US financial institutions.

Source: Press release