Indo-US trade might cross $100 b in '12

Indo-US trade might cross $100 b in '12

The bilateral goods and services trade between India and the US is expected to cross a record US$ 100 billion this year, the US Ambassador–designate to India Nancy Powell has said.

Testifying before the Senate Foreign Relations Committee, Powell, who will be the first woman US ambassador to India, said that the export to India is well on its mark to achieve the goal of the US President Barack Obama to double in five years.

“We have made unprecedented progress in expanding our economic relations with India.

Our bilateral goods and services trade will top US$ 100 billion in 2012. This represents an astounding quadrupling of trade since 2000, moving India up from our 25th largest trading partner to our 12th,” Powell said. She said that bolstering trade and investment would be one of her top priorities while she is in New Delhi as the top American diplomat.

“I look forward to working with a wide inter-agency team and with our Indian counterparts to reduce barriers, including through negotiation of a Bilateral Investment Treaty,” she said.