New Delhi. Maintaining that Indo-US relationship is at their best ever now, Commerce and Industry Minister Piyush Goyal said on Monday that trade negotiations between the two nations are on the right track. 'Things are on the right track and India is looking to the US for technology, innovation, skills and quality education,' he said in his address at the US-India Strategic Partnership Forum (USISPF) here.
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India on the other hand offers an attractive market to US businesses and skilled labour that can add value to American companies, he stated. During the interaction, Mr Goyal said Indo-US relationship is at their best ever now and trade relations between the two countries have a huge potential which is yet to be tapped.
India and the US must look at a much larger agreement like a bilateral agreement, said the Commerce and Industry Minister. He 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.
He also said the Department of Commerce is also working to bring down the cost of logistics that have to be borne by manufacturing companies in India. According to USISPF estimates, India-US bilateral trade is projected to grow to USD 238 billon by 2025. The assessment underscores the pathways for growth and economic opportunities in bilateral ties by highlighting current trends.
Sectors like defence trade, commercial aircraft, 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, according to a ministry statement here.