India and the US have set the goal of doubling their trade to about $60 billion by the end of 2008 while agreeing to begin exploratory talks on a possible bilateral investment treaty. The goal is set out in the Bush administration’s 2008 Trade Policy Agenda and the 2007 Annual Trade Report to the US Congress released here on Tuesday.
Though trade has expanded rapidly, the current total amount of bilateral trade is not consistent with the size and potential of both the US and Indian economies, and both governments agree that trade and investment flows should be greater, the report said.
Noteworthy developments in 2007 included finalising arrangements for Indian mangoes to enter the US market for the first time, and an agreement to initiate exploratory discussions in early 2008 on a possible bilateral investment treaty.
Another development in 2007 in the bilateral US-India trade relationship was the creation of a Private Sector Advisory Group (PSAG). The group’s key purpose is to provide strategic recommendations and insights to the India Trade Policy Forum (TPF).
The discussions under the TPF, which is part of the overall economic dialogue between India and the US, cover bilateral trade and related issues and also address multilateral issues such as the ongoing World Trade Organisation (WTO) Doha Development Round negotiations.