The US-India relationship has been called as one of the most defining partnerships of the 21st century by none other than US President Barack Obama. In an interaction with The Dollar Business, Richard R. Verma, US Ambassador to India, talks about the ties between the two democracies and the way forward for bilateral trade and investments.
TDB: Bilateral relations between India and US are characterised by historical cultural linkages, extensive economic and trade interests, and a convergence on major international issues. How do you see the future?
Richard R. Verma (RRV): There is no question that this is a defining time for US-India relations. President Obama has called it “one of the defining partnerships of the 21st century.” Our partnership is deep, producing important gains for each of our countries. Trade, for example, has grown from $25 billion to over $100 billion in just 10 years. We believe that trade could reach $500 billion.
So yes, the partnership between the United States of America and India is not only vibrant, but growing. I am confident the best is yet to come.
TDB: Bilateral trade between US and India reached a record $107 billion in CY2015. At the recently held Atlantic Council US-India Trade Initiative Workshop, you had said that India and US are targeting a four-fold jump in bilateral trade in the near future. Can you please share the roadmap with us?
RRV: Reaching $500 billion in trade is certainly an ambitious goal, but I am confident we can reach that mark. Our bilateral trade continues to grow rapidly. As you note, our trade reached a record $107 billion last year. This is four times more than what our two-way trade was 10 years ago. And within that record growth, increases in trade and investment occurred in both directions.
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