India-US Business Relationship India-US have lots of scope to expand flow of goods, services: Envoy Kenneth Juster
New Delhi: Outgoing US Ambassador Kenneth Juster on Tuesday said a A stronger economic relationship between India and America will not only bring benefits in terms of jobs and growth, but would add stability to the Indo-Pacific region.
"In short, we need to apply the same level of ambition in the economic sphere that we have had in the diplomatic and defense fields," he said in his farewell speech.
"Prior to the COVID-19 pandemic, the U.S. trade and investment relationship with India continued to grow and expand. In 2019, bilateral trade in goods and services had surged to $146.1 billion, significantly up from the $18.6 billion mark when I started working on this relationship in 2001," the envoy said.
"Two-way trade in goods amounted to $92 billion, while trade in services was worth $54.1 billion. In fact, approximately 16 percent of India’s total exports head to the United States. The United States is now India’s largest trading partner, and India the twelfth largest partner of the United States," he said.
He said the growth in imports of goods and services from the United States has provided India with advanced technology, wider consumer choice, and intermediate components for production lines of Indian companies.
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