India, US to boost trade to $60 billion

India and the United States are set to double the level of bilateral trade in goods and services to $60 billion over the next few years.

Both sides are also expected to announce the establishment of sub-groups for investment, non-tariff barriers and agriculture under the India-US Trade policy forum, which will hold its first meeting tomorrow.

The Indian delegation will be headed by Commerce & Industry Minister Kamal Nath and US Trade Representative Rob Portman, who is scheduled to arrive tonight, will lead the US delegation.

Friday witnessed hectic parleys between both sides under four groups "" agriculture, investment, non-tariff barriers and Intellectual Property Rights (IPRs). "Both sides underscored the need to increase the level of bilateral trade as the present level of $30 billion is extremely low compared with the USA's level of engagement with China of around $300 billion," an official said, adding that both sides were of the view that the level should be doubled over the next few years.

India has a trade surplus with the US, with merchandise exports worth $13 billion in 2004-05 and imports worth $6 billion. According to officials, Portman is expected to raise IPR-related issues, particularly those pertaining to data protection and piracy, during his deliberations with Kamal Nath.

The sanitary and phytosanitary requirements imposed by India on imports of almonds from the US and the ban on import of Indian mangoes by the US is also expected to figure.

Officials said India would pitch for US investment in agriculture, particularly in agro- and food-processing and infrastructure. Both sides are also expected to discuss issues related to the World Trade Organisation.

"We explained some of the recent initiatives of the government in infrastructure, particularly public-private partnerships and viability gap funding," an official said.

Both sides are also expected to discuss issues related to the World Trade Organisation.

The Indo-US Trade Policy forum was announced during Prime Minister Manmohan Singh's visit to the United States in July this year.

The forum is mandated to take forward the agenda of the US-India working group on trade, which was established in 2000. The forum will cover the trade and investment policy concerns of both the governments.