Pranab bullish on Indo-US trade
Defence minister Pranab Mukherjee has said Indo-US trade is likely to double in the next three years and the defence sector would be one of the attractive areas for investment, reports Our Bureau.
By TNN |
NEW DELHI: Defence minister Pranab Mukherjee has said Indo-US trade is likely to double in the next three years and the defence sector would be one of the attractive areas for investment, reports Our Bureau.
“US exports to India registered a growth of 23.3% during January-May ’06, while that of India’s exports to the US during the same period was 19%,” Mr Mukherjee said at the third Indo-US summit organised by the Indo-American
Chamber of Commerce. “Indo-US bilateral trade during January-May ’06 amounted to $26.8bn and it is our aim that this trade is doubled to $60bn within the next three years,” he added.
According to Mr Mukherjee, import of scientific equipment, coal, silver jewellery, fibre-optic cable, almonds and power generation equipment has increased by 30% in ’05.
The establishment of a Trade Policy Forum in ’05 has facilitated dialogue in the areas of tariff and non-tariff barriers on industrial products, agriculture, intellectual property rights, investment and services. It has also been decided to create a senior-level private sector advisory group to allow for greater interaction between government and private sector trade experts.
The defence minister also said there was ample scope for joint ventures in defence research and production. The defence ministry has taken a number of initiatives to energise defence co-production, including opening up of defence production to the Indian private sector with the option of FDI up to 26% in these companies, Mr Mukherjee added.
“US exports to India registered a growth of 23.3% during January-May ’06, while that of India’s exports to the US during the same period was 19%,” Mr Mukherjee said at the third Indo-US summit organised by the Indo-American
Chamber of Commerce. “Indo-US bilateral trade during January-May ’06 amounted to $26.8bn and it is our aim that this trade is doubled to $60bn within the next three years,” he added.
According to Mr Mukherjee, import of scientific equipment, coal, silver jewellery, fibre-optic cable, almonds and power generation equipment has increased by 30% in ’05.
The establishment of a Trade Policy Forum in ’05 has facilitated dialogue in the areas of tariff and non-tariff barriers on industrial products, agriculture, intellectual property rights, investment and services. It has also been decided to create a senior-level private sector advisory group to allow for greater interaction between government and private sector trade experts.
The defence minister also said there was ample scope for joint ventures in defence research and production. The defence ministry has taken a number of initiatives to energise defence co-production, including opening up of defence production to the Indian private sector with the option of FDI up to 26% in these companies, Mr Mukherjee added.
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