The Indo American Chamber of Commerce today signed a memorandum of understanding with the World Trade Centre at Tacoma, based in the state of Washington, US, to facilitate better trade relations between the two nations.
While business process outsourcing is expected to be the focus of trade with Washington, clothing, jewellery and handicrafts are the other areas which would comprise exports from India.
"With the signing of this memorandum, companies would now be able to access the local markets in Washington more easily," said V Rangaraj, executive vice-president, Indo American Chamber of Commerce.
"The trade transactions between the Washington state and India have a much greater scope than the level they are presently at and through such trade missions, we expect them to grow significantly", said Sam Reed, secretary of state, Washington. Currently, about 30 per cent of India's exports to US is to the state of Washington.
As a consequence of the understanding, agricultural and retail imports from Washington are also expected. "There are a lot of firms in the biotechnology sector in our state, who would like to explore the opportunities here in India", added Reed.
