India sees rise in bilateral trade & commerce with US

India, the US have signed MoUs on energy security, climate change and clean energy

Washington: Ahead of Prime Minister Narendra Modi's meeting with US President Barack Obama next week, both the countries have kicked off the first strategic and commericial dialogue boosting trade ties and security cooperation and increase the bilateral trade up five fold by $500 billion next few years.

US Secretary of State John Kerry and External Affairs Minister Sushma Swaraj highlighted the priority areas in bilateral ties as they inaugurated the Indo-US Strategic and Commercial Dialogue. Swaraj said, "This is a very busy time for India and US relations. It's important that we set timelines to achieve our targets."

While Kerry said India and the US together can shape up more secure and prosperous future. He said the US was not satisfied with the current level of bilateral trade at $100 billion and expressed confidence that it could be increased five-fold in the next few years.

Briefing about the meeting, Kerry said, "We have concluded a very significant Memorandum of Understanding on energy security, climate change, and clean energy." "We have renewed our joint commitment to maritime security, international law, and the peaceful resolution of disputes in the Asia-Pacific and Indian Ocean regions," he said, adding that the two countries will implement measures to deepen their cooperation against international terrorism, which has claimed too many lives in both the nations.

"Today, it is clear our destinies are converging. Prime Minister Modi will meet with President Obama next week (in New York), and we will work to find ways to play to our strengths," Kerry said in his address at the opening session of the inaugural India- US Strategic and Commercial Dialogue.

Kerry cautioned that unless the two countries do not lead on issues of climate change and greenhouse gas emissions, meaningful gains will not be achieved. "What is clear to everybody is that the choices that one makes in order to grow green and clean do not mean a choice between growth or the environment. Both can take place simultaneously," he said.

Sushma Swaraj also stressed on the importance of the bilateral relations between India and the US. "The impressive intensity, scale and level of achievements in our bilateral engagement since last year, is a testimony to the leadership, direct supervision and the tremendous importance attached to the bilateral relationship by our leaders, Prime Minister Modi and President Obama," Swaraj said.

"The emerging context of the Indo-US political, strategic and security, and economic ties continues to be constantly shaped by international geo-politics, the strength of the Indian economy amidst global economic uncertainties and the need for partnership among democracies to respond to some of the global challenges like terrorism," she added. "We firmly believe that an economically prosperous India offers a long term opportunity to the US industry and capital," she said.