New Delhi: Industry body Confederation of Indian Industries (CII) on Sunday said that the bilateral trade between India and the US can touch $320 billion in next 10 years due to the recently concluded civil nuclear deal.
Commerce and industry minister Anand Sharma unveiled the report titled ‘India-US Economic Relations: The Next Decade´ at a session in New York city which talked about the measures to expand trade between the two countries.
“...the report asserts that given the right conditions, merchandise trade could rise to $320 billion by 2018, an eight-time increase from $42 billion in 2007-08,” the chamber said.
The report also called for bilateral Comprehensive Economic Cooperation Agreement to cover goods and services and expediting the Bilateral Investment Treaty and opening up of sectors like retail and higher education in India for FDI.
Stating that the historic civilian nuclear agreement, concluded between the two countries earlier this year, marks the beginning of a new era in the bilateral relationship, the report called strong commercial ties between the two nations.
“A new vision for platform-jump in economic engagement between India and US would include shift from high-technology trade to frontier technology, trade in goods and services, and investments as well as collaboration on clean energy and climate change (among others),” it said.