India And Usa Trade Relations
American President Barack Obamas visit to India and wick leaks bombard in leaking
information has given critics a new issue to criticize these relations. Whatever the issue is, Indias relations with USA have grown since the economic restoration. Trade relation between these two countries is the significant aspect of the global and strategic partnership existing between them. The relations are grown up, mature and fully developed and the growth has reached $31.917 billion in the year 2006. The premiers of both the nations believe that these relations will have a long lasting and positive influence on international system, promoting stability, democracy, prosperity and peace in all over the world.As the Republic of India is the second largest populous country and worlds most populous democracy, has proved as one of the fastest economic growth rates in the world. It also has the worlds tenth largest military expenditures, eleventh largest economy and forth largest by purchasing power parity. India is considered to be regional power and potential global power. It is Indias growing international influence that increasingly gives loud voice to global affairs.
The major export items from India to the United States include fish, seafood, precious stones, textile products, , Apparels, Metals, Machinery, Organic Chemicals, Iron and steel products. The major import items to India from the United States include Medical and surgical equipments, Computer and computer parts, gas turbines, telecom, electrical machinery, plastic, cotton, wooden pulp.
ASSOCHAM President, Dr. Swati Piramal recently said, over the longer term of ten years, India and US can become much more significant economic partners. India a country with a GDP of around $1trillion, accounts for a mere 1.3 percent of US trade, there is substantial potential to increase bilateral trade.
India US economic relations in forth coming era can attain some new dimensions:
High technology trade to frontier technology-strategic shift: India and USA can be partners in developing knowledge frontiers in science and technology including space, robotics, defense, nuclear energy and their business applications.
High interface in service trade- Strong bilateral engagement across diverse services sectors: This would involve significant liberalization of the Indian service economy on the one hand, and easy movement of personnel across borders on the other.
Investment destinations: to work on mutual investment aggressively. US investors should have a leading role in the economic transformation of India.
The recent visit of American President Barack Obama also give positive signals that the relations between these two countries are healthy and outcome of the business strategy of both these countries will surely result into betterment of both the country.
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