Two-way trade between India and the United States is likely to grow to $238 billion by 2025 from the current $143 billion, said a report as officials of the two countries met to discuss their disagreements.
The report by the US-India Strategic Partnership Forum (USISPF) estimates that said that growth will occur if trade grows by 7.5 per cent each year, as has been the trend for the last seven years.
The USISPF’s “US India Bilateral Trade Report” also projects that, by 2025, bilateral trade could range between $283 billion to $327 billion, at an annual average growth rate of 10 per cent-12.5 per cent (as witnessed in 2017 and 2018).
Sectors such as defence trade, commercial aircraft, oil and LNG, coal, machinery and electronics are areas of potential growth in US investments and commerce in India.
Similarly, Indian industry has an opportunity to promote the automotive, pharmaceuticals, seafood, IT and travel services to the US market, it said.
The assessment was launched at USISPF’s second annual leadership summit, amid overwhelming bipartisan support for US-India ties.
During the summit, speakers highlighted areas of bilateral cooperation, including trade and investment; strategic energy ties; manufacturing, and the US-India innovation partnership.