USIBC urges India, US to strengthen partnership

Tags: News
US India Business Council (USIBC) has urged New Delhi and America to take steps to strengthen bilateral trade relationship to realise their "true business potential".

During his testimony before the US International Trade Commission tomorrow on "Trade, Investment, and Industrial Policies in India: Effects on the US Economy," USIBC president Ron Somers will call on both countries to overcome challenges and strengthen their partnership, a media release said yesterday.

"This will pave the way for the world's two largest free-market democracies to shape the destiny of the 21st Century - for the better," Somers said in his prepared testimony, according to the release.

India's size, economic prominence, geopolitical influence and shared values with America make it an indispensable ally, Somers argues, therefore any and all policy discussions about India should operate from that understanding.

With a population of 1.24 billion people, more than half under the age of 25, India is poised "to become the world's largest consumer market," he said.

These facts, coupled with the growth of India's middle-class present "an extremely lucrative market for American goods and services.

"Since President George W Bush visited India in 2006, two-way trade has grown from approximately $25 billion to more than $100 billion today," he said.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Copy the characters (respecting upper/lower case) from the image.

EDITORIAL OF THE DAY

  • State-owned banks can ride technology surge to penetrate retail segment

    For the first time in recent history, two large private sectors banks, ICICI and Axis have reduced their headcounts.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Amita Sharma

The rabbit hole of outcome budgets

Would you tell me, please, which way I ought to ...

Zehra Naqvi

Dignity of labour is dignity of life

M Rafi Khan, a retired police IG, used to ...

Gautam Gupta

Retailers have it tough, thanks to e-commerce

For the past few months our focus has been on ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture