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Current Affairs

India, US bilateral trade meeting held in New Delhi

Date: 07 May 2019 Tags: India & World

India-United States Bilateral Trade meeting was held in New Delhi. It was co-chaired by Union Minister of Commerce & Industry and Civil Aviation Suresh Prabhu and US Secretary of Commerce Wilbur Ross.

Meeting Highlights

  • Both countries agreed to deepen economic cooperation and bilateral trade by ensuring greater cooperation amongst stakeholders, including Government, businesses and entrepreneurs.
  • They also discussed various outstanding trade issue and agreed to engage regularly at various levels to resolve outstanding trade issues by exploring suitable solutions, which are mutually beneficial and promote economic development and prosperity in both countries.
  • Both sides appreciated strong, robust and growing bilateral ties between India and US across the entire spectrum of trade and commerce.
  • They expressed satisfaction over progress during year 2018, with bilateral trade in Goods and Services registering growth of 12.6% from $ 126 billion in 2017 to $142 billion in 2018.
  • They also complimented US-India SME Forum, a new bilateral private sector led Small Business Interaction initiative held on sidelines of this meeting.
  • Small Business Interaction initiative was first event of its kind and paved way for collaboration and partnership between SMEs in US and India in the areas of manufacturing and services.
  • India also appreciated 11th US Trade Winds Indo-Pacific Business Forum and Mission initiative 2019 being held at New Delhi. This forum was organized by US Department of Commerce and provided common platform to distributors, representatives and partners and enable them to increase sales by taking part in business-to-business meetings across India.