New Delhi (NVI): Commerce and Industry & Railways Minister Piyush Goyal on October 21 said the Indo-American trade negotiations are progressing on the right track with India looking to US for technology, innovation, skills and quality education.
Addressing the US-India Strategic Partnership Forum (USISPF) here, Goyal said Indo-US relationship is at its best ever and trade relations between the two countries have a huge potential which is yet to be tapped.
“India on the other hand offers an attractive market to US businesses and skilled labour that can add value to American companies,” the Commerce Minister said.
According to USISPF estimates India-US bilateral trade is projected to grow to USD 238 billon by 2025.
Commerce and Industry Minister informed the Forum that the Commerce and Industry Ministry is working to create a single window for investments into India and he welcomed innovative ideas and solutions for the creation of this single window, an official statement said.
He also informed the gathering that the Department of Commerce is also working to bring down the cost of logistics that have to be borne by manufacturing companies in India.
The massive Indo-US trade potential underscores the pathways for growth and economic opportunities in bilateral ties by highlighting current trends. Sectors like defence trade, commercial aircrafts, oil and LNG, coal, machinery and electronics are areas of potential growth in US investments and commerce into India. Indian industry has an opportunity to promote automotive, pharmaceuticals, seafood, IT and travel services to the US market.