Indo-US trade can touch USD 500bn in 10 years: USIBC

"From USD 25 billion in 2006, the Indo-US trade has sniffed at USD 100 billion last year, while defence trade alone touched USD 10 billion in the past one decade.

"Going by the massive fillip in bilateral trade in recent years, I am hopeful that the two-way trade between the largest and the third largest economies in purchasing power parity terms (US and India respectively), achieving our next target of USD500 billion over the next one decade is possible if both the partners chart out a larger strategy of engagement," USIBC Chairman Ajay Banga said here.

Banga, who is also the president and CEO of MasterCard, was talking to reporters along with USIBC President Ron Somers and CII president Adi Godrej after a USIBC-CII leadership summit.

Banga further said that bilateral trade should focus on energy, defence, education and medical care among others while investments should be encouraged in technology and creation of intellectual properties.

Godrej said that there was recognition in the US about the role India can play in the years to come. The increasing involvement of industry members highlights the fact that our business communities can reach higher heights through strategic co-operation and collaboration.

On the USD500-billion two-way trade target, he said "it can be achieved if both the sides commit against protectionism, create enabling frameworks such as the bilateral investment treaty, recognise the value of labour mobility,

... contd.