PIB Release: Bilateral Trade with U.S. Vis-a-Vis China


Ministry of Commerce & Industry11-March, 2015 14:22 IST
Bilateral Trade with U.S. Vis-a-Vis China

Details of bilateral trade between India and US and India and China during the last 3 years and current year (up to January, 2015) are as under:
(in US $ million)
Year
India and  US
India and China

Exports
Imports
Total Trade
Exports
Imports
Total Trade
2011-12
34,745.52
23,380.86
58,126.38
18,118.18
54,688.19
72,806.36
2012-13
36,160.84
25,204.73
61,365.57
13,579.51
52,248.33
65,827.84
2013-14
39,158.02
22,505.08
61,663.10
14,867.10
51,034.62
65,901.72
April- Jan. 2014-15(P)
35,759.88
18,237.68
53,997.55
10,118.39
50,883.12
61,001.51




                   (Source: DGCI&S)
The above statistics reveals that there is less trade between India and US as compared to India and China;
In order to improve investors confidence to realize the full potential of trade and commercial relations trade relations, India and USA continuously interact through two Institutional Mechanisms of India-US Trade Policy Forum and India-US Commercial Dialogue for enhancing trade and commercial relations. During the recently held 8th India US Trade Policy Forum in New Delhi in November, 2014, a range of issues including Market Access issues relating to Agriculture products, Services and Investment issues including Totalisation Agreement, Promoting Investment in Manufacturing were discussed and in the elevated India-US Commercial Dialogue, both sides have agreed in expanding the Dialogue and exploring new areas of cooperation, including Investment Promotion and SEZs; Building Capacities and Institutional Linkages between Premier Institutions especially in the field of Technical Textiles, sharing best practices and exploring technologies related to corrosion prevention and control and encouraging the private sector to work with the governments on roundtables to promote innovation in advanced manufacturing.
India and US have planned to work through several joint initiatives to facilitate greater confidence in cross-border trade and investment. During the visit of PM to USA last year, both the countries agreed on boosting two-way trade to $ 500 billion from $100 billion.  Also, during the recent visit of US President to India both sides agreed on many important deals and committed that the two nations will be partners in economic progress.
This information was given by the Minister of State (Independent Charge) in the Ministry of Commerce & Industry Smt. Nirmala Sitharaman in a written reply in Rajya Sabha today.

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