US Commerce Secretary Penny Pritzker has said that Indo-US trade and business relationship is yet to reach its full potential, maintaining that more work needed to be done in this regard.
Noting that the last year bilateral trade between the two countries reached USD 94 billion, Pritzker said the target set by the US India Business Council (USIBC) to increase it to USD 500 billion, is doable.
"There is a lot of work to do," she said yesterday while addressing a gathering of corporate executives from India and the US at the 38th annual Leadership Summit of USIBC.
"We have not reached the full potential. There is more we can do and there is more we should do," Pritzker said in her address.
Saying that India is a major focus of Obama administration, the Commerce Secretary emphasised the need of both the countries to address and resolve their differences in particular in the field of business and trade sphere.
She said it is time to identify the challenges and reforms that are urgently needed.
Recognising India's emergence as a global power, Pritzker welcomed the Indian investment in the US.
Speaking on the occasion, Senator Mark Warner, Co-Chair of the Senate India Caucus, said it is time to move ahead and get things done.
While, MasterCard CEO Ajay Banga, who is also chairman US India Business Council emphasised the need to deepen the commercial and national security ties between both the countries.
