US trade advocacy body urges Modi, Biden to target USD 500-billion-a-year bilateral trade goal

Washington: A trade advocacy group that represents US businesses has urged Prime Minister Narendra Modi and President Joe Biden to work towards achieving bilateral trade of USD 500 billion per annum.

The two countries achieved bilateral trade of USD 190 billion last year.

"By reaching that ambitious bilateral trade target (of USD 500 billion), together we can demonstrate to the world that the future of the global economy will be anchored by democracy, free enterprise, open markets and the rule of law," US Chamber President and CEO Suzanne Clark said on Tuesday at the India Ideas Summit of the US-India Business Council (USIBC).

Clark's push for a significantly higher bilateral trade target comes ahead of Modi's State Visit to the US next week.

She said, "Through this summit, and ahead of Prime Minister Modi's visit to Washington, the US Chamber encourages both governments to reaffirm their pledge to meet the goal of reaching USD 500 billion in bilateral trade and we urge leaders at all levels to think about what can be done to help us get there."

The US Chambers of Commerce and the USIBC will host the inaugural INDUS-X conference next week to promote a stronger US-India defence start-up ecosystem.

Working across sectors and alongside more than 200 member companies, USIBC helps strengthen the US-India partnership -- as well as the ability of the two nations to meet global challenges.

Clark went on to add, "We face historic inflation, supply chain bottlenecks and the transformative impact of critical and emerging technologies. In addition to all this, the Indo-Pacific region faces mounting threats to open, rules-based trade."

The US is working with India as part of the Indo-Pacific Economic Framework (IPEF) that Commerce Secretary Gina Raimondo has said is the administration's overarching framework for deepening economic cooperation in the Indo-Pacific.

According to Clark, "At the US Chamber, we understand that free enterprise, free markets and free trade have a proven track record for good in the world. We know that global engagement is how we protect our national security, promote our values, and unlock economic growth -- it is how we lift people up and strengthen communities.

"Our success in advancing these values and meeting these challenges head on depends on collaboration."