Deputy Trade Representative of the United States, Karan Bhatia is now in India and today he met with Indian Commerce and Industry Minister Kamal Nath. He told the Indian minister that many American companies were interested to come to India to do business but for attracting them, Indian government must reduce and if possible remove all the tariff and non-tariff barriers. I am sure that Karan Bhatia also tried to get Indian support for USA in the upcoming World Trade Organization (WTO) talks.
What made me surprised was to see that Mr. Bhatia informed the journalists that he discussed with Mr. Nath about the possible ways of taking Indo-US bilatertal trade to $60 billion in the next 3 years. According to the statistics of Embassy of India, Washington, "The two-way trade between India and the US in 2004-05 stood at US $ 20 billion". I admit that there is every possibility to reach the figure of $60 billion after 3 years but I am a bit lost about the ways of increasing trade at such a large volume in such a short time. To achieve it, both the sides must do a lot of hard work. Well, these days, US companies are making huge investments in India and are increasing their imports. So, $60 billion may not be an impossible amount after all.
What do you think?
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