US think tank launches new India-US trade initiative, targets $500 billion

In a significant effort to enhance trade relations between India and US, a top US think-tank has launched an India-US trade initiative. The initiative is likely to build on the momentum of India’s Prime Minister Narendra Modi and US President Barack Obama’s ambitious plan to increase the trade levels between the two countries in the next ten years from $100 billion to $500 billion. The initiative is aimed at strengthening economic ties between the two countries. The initiative is launched by the US think Tank Atlantic Council. The initiative has the support of two powerful Senators, John Corny of the Republican Party and Mark Warner of the Democratic Party. The two senators are also Co-Chairs of Senate India Caucus, the only country specific caucus in the US Senate. The Atlantic Council US-India Trade Initiative aims to generate American support for continued economic engagement in India and to forge collaboration on issues of trade and commerce, a statement said. “As the largest and oldest democracies in the world, India and the United States share a relationship built on common values. By further increasing trade between our two countries, we have an opportunity to strengthen our unique bond, advance American interests in the region, and grow both economies,” Mr Cornyn said. “Bilateral trade between the two countries already exceeds $100 billion annually. I hope we continue to work to harness the full potential of US and Indian cooperation to increase bilateral trade and provide more economic opportunities for companies in both the US and India,” Mr Warner said. The Atlantic Council initiative also seeks to generate US support for continued economic engagement in India and to forge collaboration on issues of trade and commerce. “India and the US enjoy a robust and thriving trade relationship which holds tremendous potential for the future in a number of sectors including renewable energy, infrastructure, smart cities, IT services, digital economy, and defense,” India’s Ambassador to the US Arun Singh said. The US Assistant Secretary of State for South and Central Asian Affairs Nisha Desai Biswal is in India to strengthen trade relations. She will meet business leaders and students of US-India economic relations to promote the US-India ties.