India and US Business Leaders Urged to Utilize Trade Facilitation Portal.
India and US Eye USD 500 Billion Bilateral Trade Target
Piyush Goyal, Commerce and Industry Minister, urged exporters and businesses in India and the US to utilize the India-US trade facilitation portal to boost bilateral trade. The portal was launched on Wednesday by Foreign Secretary Vikram Misri, who is currently on a three-day visit to the US.
The India-US trade facilitation portal is expected to serve as a "runway" to the USA for domestic services exporters. This initiative aims to provide opportunities across various businesses, from a farmer in Punjab to a jeweller in Surat and a software expert in Bengaluru to pharma firms in Telangana. The portal is expected to play a crucial role in helping India meet its ambitious target of USD 500 billion in bilateral trade, a goal set by both countries.
Goyal urged industry bodies, Export Promotion Councils, and chambers from across India and the US to connect and make the portal a part of their business. This, he believes, will help turn the portal into a powerful engine for India-US trade. The launch of the portal was attended by India's Ambassador to the US Vinay Mohan Kwatra, and officials and trade representatives from the two countries.
| Country | Target |
|---|---|
| India-US | USD 500 billion |
| Current Trade | (no specific data available) |
Note: The table above presents the ambitious target set by both countries for India-US bilateral trade.
Investor Takeaway
India and the US are working to boost bilateral trade through the India-US trade facilitation portal.
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