WASHINGTON: India can be an important contributor to the U.S.' growth and its own development directly benefits American businesses, a top Obama Administration trade official has said.
"India can be an important contributor to continued US economic growth. Our trade with India correlates nicely with India's own GDP growth rate. India's growth thus directly benefits US exporters and creates jobs in the U.S.," said Arun Kumar, assistant secretary of Commerce for Global Markets and director general of the US and Foreign Commercial Service.
"If the United States and India get the economic relationship right, the result can be the ultimate win-win. We can help each other grow our economies, create well-paying jobs and bring our governments and our peoples still closer together," Kumar said in his address to a conference on "Deepening the US-India Commercial Partnership".
He said India was the fourth fastest growing source of foreign direct investment into the US.
"Just three weeks ago, over 80 Indian companies were right here in Washington to hear the President speak at the Select USA investment summit and explore investment opportunities in the United States," he said.
A strong Indian delegation at the summit reflected shared economic interest in heightening the two countries' commercial engagement, Kumar said.
He said while working with the Narendra Modi administration, the US aims at increasing two-way trade from nearly $100 billion to $500 billion in about ten years.
Kumar said the US-India Strategic and Commercial Dialogue adds a commercial component to what was formerly the Strategic Dialogue.
The American leadership, he said, is energized and eager to enact additional concrete steps to take the commercial relationship to the next level.
While the volume of trade in goods and services between the U.S. and India has more than tripled since 2004, there is room to grow, he said.
According to a US International Trade Commission study, India only accounts for two percent or less of total US exports, foreign affiliate sales, and investment in 2013.
Similarly, despite being the world's 10th-largest economy and 10th-largest importer, India was only the 18th-largest export market for the US last year, he added.
Kumar said the US also looks forward to working with the Indian government under the S&D on steps it can take to attract American and other international companies, consistent with Modi's goal of placing India firmly in the top 50 of the World Banks's Ease of Doing Business Index.
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