Trade at a Crossroads: A Revelation For The US-India Trade Relationship
The US-India Strategic Partnership Forum and the Atlantic Council’s South Asia Center call US and India to grow bilateral trade by 2025.
FREMONT, CA: The U.S.-India Strategic Partnership Forum (USISPF) and the Atlantic Council’s South Asia Center are planning to pursue a path of constructive engagement that can lead, in the short term, to a first-ever bilateral trade agreement. To serve the purpose, they have called for India and the United States to increase their efforts. The Partnership Forum is trying to create a robust strategic partnership between the U.S. and India.
The USISPF and the Atlantic Council released a report entitled, “Trade at a Crossroads: A Vision for the US-India Trade Relationship” as a call to action. It analyzes the state of the trade relationship and provides recommendations to both governments on the way forward. This report urges both countries to prioritize efforts to manage current tensions, to reach an initial agreement and build on successes.
The other aim is to initiate a series of cooperative projects in areas such as intellectual property rights, digital trade, and regulatory coherence, mirroring previous successes on the WTO Trade Facilitation Agreement. The ultimate aim is to form an economic integration through trade negotiations.
According to the estimation of the US-India Strategic Partnership Forum, in the coming five years, the US-India bilateral trade will grow from 143 billion USD to 238 billion USD if the AAGR of 7.5 percent remains the same. With the growth, the two governments can revive the relationship, and India can adopt new policies that enable growth in technology-driven exports and digital-based services.
Former Assistant United States Trade Representative and Non-resident Senior Fellow, South Asia Center at the Atlantic Council, Mark Linscott, mentioned that challenges is not a big deal for the countries, both the countries can solve the immediate issues if they develop a serious commitment on both sides to build potential for much more trade and investment in the future.