Business Daily from THE HINDU group of publications
Friday, Jul 27, 2007
ePaper
Business Daily from THE HINDU group of publications Friday, Jul 27, 2007 ePaper |
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Industry & Economy
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Foreign Trade ‘India, US must dismantle trade barriers’
Our Bureau New Delhi, July 26 India and the US should work together to remove trade barriers to increase bilateral trade and investment flows. This was stated by the Secretary in the Department of Industrial Policy and Promotion (DIPP), Dr Ajay Dua, here on Thursday. Speaking at a seminar on ‘US-India Trade and Investment Issues and Opportunities’ organised by the Confederation of Indian Industries (CII), Dr Dua said that both the countries must dismantle trade barriers to strengthen bilateral trade relationship. Listing some of the trade barriers in the US market, he said India continues to face delays in visa and work permits, prohibition and quotas on foreign providers, non-recognition of India’s professional qualifications and labour certification requirements. Trade growth
Highlighting the growth in trade volumes between India and the US, Dr Dua said India’s exports to the US have more than doubled from $8.5 billion in 2001 to $17.3 billion in 2006 while India’s imports from the US have been increasing at a higher pace than exports during the same period. Dr Dua also pointed out that since US is the key market for services exports from India, the Indian services export to the US has the scope to touch $65 billion by 2010. The industry secretary also pointed out that the US companies should increase investment in India’s infrastructure sectors such as roads, ports, telecom, power and airports. Though India’s poor infrastructure is challenging, it also offers great business opportunities, he said.
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