Indo-US merchandise, services trade may touch $525 billion by 2025

NEW DELHI: Indo-US bilateral trade in merchandise and services sector is likely to touch USD 525 billion by 2025, according to a report.

The report titled India-USA Economic Relations, which was jointly released here today by Washington State Department of Commerce and PHD Chamber, said: "Indo-US merchandise trade has potential to accelerate to a level of $325 billion in next ten years whereas...two nations services trade are estimated at $200 billion for 2025".

PHD Chamber President Alok B Shriram expressed confidence that with recent bilateral policy measures taken by the US administration and the Indian government such as Indo-US Nuke deal, extension of their defence pact for another 10 years as well as forging closer partnership for developing smart cities in India, it would further cement the Indo-US trade and economic ties to achieve the forecast.

According to official estimates, the Indo-US merchandise trade stood at $63 billion whereas their service trade is calculated at USD 34 billion during fiscal 2013-14. Both the merchandise trade as well as services trade between India and US in totality was calculated at $97 billion.