India, US hold bilateral trade meeting

The meeting comes as part of the US Trade Winds Indo-Pacific Business Forum and Mission initiative 2019 being held in New Delhi

May 6, 2019

Strengthened by growing diplomatic exchanges, total India-US trade had risen by 12.6 per cent year-on-year to US$142 billion in 2018

Growing India-US ties have enabled a bilateral private sector-led small business interaction initiative, the US-India SME Forum

Defence has come up as a core sector for cooperation amid India and the US. Apart from trade, the two nations have partnered in R&D

Currently, there are over 50 bilateral mechanisms between the two Governments, spanning over the fields of security, energy and technology

Representatives of Government of India and that of the US held bilateral trade meeting in New Delhi on May 6. At the meeting, the Indian side was represented by Suresh Prabhu, minister of commerce and industry, and the US side was led by Wilbur Ross, secretary of commerce. The meeting comes as part of the US Trade Winds Indo-Pacific Business Forum and Mission initiative 2019 being held in New Delhi. The forum will bring together investors, traders, distributors and partners, and enable them to increase sales through business-to-business meetings over May 8-10 across India. Strengthened by growing diplomatic exchanges, total India-US trade had risen by 12.6 per cent year-on-year to US$142 billion in 2018.

Growing India-US ties have enabled a bilateral private sector-led small business interaction initiative, the US-India SME Forum. The first of its kind event is expected to encourage collaboration and partnership between American and Indian small and medium enterprises (SMEs) in the areas of manufacturing and services. During the meeting, both sides also discussed outstanding trade issues. India had recently finalised an agreement to acquire 24 MH-60R Seahawk multi-role helicopters, nicknamed the ‘Romeo’, at an estimated price of around US$2.6 billion. Defence has come up as a core sector for cooperation amid India and the US. Apart from trade, the two nations have partnered in defence R&D and manufacturing.

While Indo-US relations have developed into a “global strategic partnership” post 2000 when the “Next Steps in Strategic Partnership” (NSSP) was inked, over the last five years the cooperation has attained new heights across the fields of security, energy and technology. The economic ties have deepened and there has been significant enhancement in people to people contact, education, science and technology, civil nuclear energy, space technology, environment, agriculture and health. There has also been greater convergence of views on international issues such as terrorism, and on the need for a rules-based order in the Indo-Pacific. Currently, there are over 50 bilateral mechanisms between the two Governments.