The Associated Chambers of Commerce and Industry of India (ASSOCHAM) welcomed the demonstration of the trade priorities the US has attached to India as a strategic economy, by kick-starting the Indo-US Trade Policy Forum and setting a goal to double the bilateral trade to 40 billion dollar by 2008.
ASSOCHAM President Mr. Anil K. Agarwal stated that since the US had such a Trade Forum mechanism only with the EU and China, they see India being equated with China and Europe in terms of the US priorities.
The Indo-US Trade Policy Forum was kicked off here yesterday with US Trade Representative Mr. Rob Portman and Commerce and Industry Minister Shri Kamal Nath co-chairing the Forum meeting. The two countries have set an ambitious target of doubling the trade to 40 billion dollar by 2008. While the ASSOCHAM Chief described the move as positive, he wanted the non-trade barriers to go if such an ambitious target has to be achieved.
Mr. Agarwal stated that the trade faces a lot of barriers which must go. He also welcomed the US assurance to the Indian industry that the China type restrictions on textile exports to the US would not be put against the Indian exporters.
The Chamber Chief informed that their exporters will be encouraged by the USTR statement.
Currently, India's exports to the US amount to 14 billion dollars and imports from the US amount to sever billion dollars. The India-US Trade Policy forum was set up as part of an overall Economic Dialogue during the visit of Prime Minister Shri Manmohan Singh to the US in July this year.
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