This has been momentous year for India-US trade and economic relations: Ambassador Sandhu

PTI

Washington, June 10

This has been a “momentous year” for India-US trade and economic relations, New Delhi’s top diplomat here said on Thursday, underlining the “enormous” potential of the economic partnership between the two countries.

India’s Ambassador to the US Taranjit Singh Sandhu said, “Last year, we did hit a historic high of more than US$160 billion in India-US bilateral trade. Do keep in mind that we were able to achieve this during the pandemic without any formal trade agreement and despite supply chain disruptions.”

He was speaking at a reception organised for a business delegation from the Fairfax County of Virginia, which has a strong relationship with India. "This has been a momentous year for India-US trade and economic relations."     

Among those who attended the reception were Secretary of Commerce and Trade of Virginia, Caren Merrick; Secretary of Agriculture and Forestry, Matthew Lohr; CEO of the Fairfax County Economic Development Authority (FCEDA), Victor Hoskins; and Vice President of International Trade of the Virginia Economic Development Partnership, Stephanie Agee.

The two-way investments also remain equally robust, said the Ambassador. “With 200 Indian companies present in the United States and more than 2,000 US companies in India, the potential of the economic partnership between our countries is an enormous one," he said.

India-Virginia trade stood at USD 1.65 billion in 2019 and is estimated to have grown by over 15 per cent since then, he said.

India's exports to Virginia stood at USD 644.44 million and imports from Virginia stood at USD 1.01 billion. Top items of exports from Virginia to India are -- minerals and ores; waste and scrap; chemicals; computer and electronic products; and petroleum and coal products.

Top items of exports from India to Virginia are: textile mill products; chemicals; apparel manufacturing products; transportation equipment; and electrical equipment, appliances and components.

"I understand Virginia will be sending a trade mission to India early next year. We will be happy to make the visit productive and fruitful," Sandhu said at the reception which he hosted at the India House.