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India-USA bilateral trade may grow to USD 238 bn by 2025: Report

 

By TIOL News Service

NEW DELHI, JULY 12, 2019: THE US-India Strategic Partnership Forum (USISPF) estimates that U.S.-India bilateral trade is likely to grow from USD 143 billion to USD 238 billion by 2025. This growth will occur if trade grows by 7.5% each year, as has been the trend for the last seven years. The estimate also projects that, by 2025, bilateral trade could range between USD 283 billion to USD 327 billion, at an annual average growth rate of 10%-12.5%.

The assessment underscores pathways for growth and economic opportunity in our bilateral ties by highlighting current trends. Sectors such as defense trade, commercial aircrafts, oil and LNG, coal, machinery and electronics are areas of potential growth in U.S. investments and commerce into India. Similarly, Indian industry has an opportunity to promote the automotive, pharmaceuticals, seafood, IT and travel services to the U.S. market.

The assessment was launched at USISPF’s second annual leadership summit, amid overwhelming bipartisan support for U.S.-India ties. U.S. Cabinet officials in attendance included:Nancy Pelosi, Speaker of the United States House of Representatives; Rick Perry, United States Secretary of Energy; Wilbur Ross, U.S. Commerce Secretary; Jeffrey Gerrish, Deputy United States Trade Representative for Asia, Europe, the Middle East, and Industrial Competitiveness; U.S. Senator Dan Sullivan (R-AK); and India’s Ambassador to the United States, Harsh Shringla. During the summit, speakers highlighted areas of bilateral cooperation, including: trade and investment; strategic energy ties; manufacturing, and the U.S.-India innovation partnership.


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