Indo-US trade growing twice as fast as US-China: Senator Rob Portman 

The senator was speaking at the inaugural Annual Leadership Summit of the US India Strategic and Partnership Forum (USISPF).

Published: 13th July 2018 12:48 PM  |   Last Updated: 13th July 2018 12:48 PM   |  A+A-

India US flags

US companies have invested USD 26 billion in India, as per 2016 figures (File photo | Reuters)

By PTI

WASHINGTON: The United States' trade with India was growing twice as fast as that with China which sends a powerful message across the world that this bilateral relationship was deepening, a top US Senator has said.

Rob Portman also called for removing trade and non-tariff barriers, which he felt was an "impediment" to growth of bilateral trade.

The senator was speaking at the inaugural Annual Leadership Summit of the US India Strategic and Partnership Forum (USISPF).

"I think, we have ways to go (in bilateral trade). But let me give you a good news story. The USD 126 billion (in bilateral trade) today is 370 per cent increase in trade between our two countries since 2005.

Trade with China has also increased (during the same period), but only by 174 per cent," Portman said.

"So, if I look at it, US-India trade is growing twice as fast as US-China (trade). This I think is only one indicator but interesting one to show the deepening of the relationship," he said.

Portman asserted that the opportunity to grow this relationship is "tremendous" as India is world's seventh largest economy of the world.

The Republican Senator from Ohio said more than 100 Indian companies have created more than 1,00,000 jobs in the US.

Similarly, US companies have invested USD 26 billion in India, as per 2016 figures.

Portman said the opportunity was here to address some of the longstanding trade issues between the two countries, especially as they look more broadly at the importance of strategic and geo political relationship.

In his remarks he also called for addressing the issue of intellectual property rights.

"I think that sends a powerful message to the rest of the world that US-India relationship is deepening and that it is one that has strategic importance well beyond trade," Portman said.

"It will be beneficial to Indian economy, certainly to our economy and our exports, if we can address these issues in the context with GSP," he said.

"We have come a long way and we have a long way to go," he said.

Portman said there is a "tremendous interest and appetite" in deepening this relationship.

 

Stay up to date on all the latest World news with The New Indian Express App. Download now

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.