Potential of India-US trade to double in 5 years: Ambassador

The bilateral trade between India and America has the potential to double and reach $280 billion in the next five years, India’s top diplomat in the US has said, amidst intense negotiations between the two countries to resolve their trade differences.

 

In March, US Trade Representative Robert Lighthizer announced that the US will terminate India’s designation as beneficiary developing country under the Generalised System of Preferences (GSP) programme. India imposed retaliatory tariffs on 28 US products including almonds and apples from 5 June, after the Trump administration revoked its preferential trade privileges. Trade tensions between India and the US have been rising with US President Donald Trump complaining that tariffs imposed by New Delhi on American products were “no longer acceptable.

 

India-US bilateral trade has doubled in the last 10 years and potentially can double again in the next five years, Indian ambassador to the US Harsh Vardhan Shringla said on Wednesday. We’re looking at $280 billion (bilateral trade) in the next five years, the top Indian diplomat said, exuding confidence that the two countries would be able to sort out their trade differences to give a big boost to their strategic and economic partnership. Referring to the significant two-way investments, there is a mutuality of interest and benefit in this economic partnership, Shringla said at the “India on the Hill: Charting a Future for Indo-US Relations” event here on Wednesday.