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The Union Ministry for Commerce and Industry, India and US trade representatives have launched an initiative, which integrates India and US SMEs in global supply chain to create new opportunities for small companies in both countries. This initiative will also help the larger firms in both countries in establishing a dynamic relationship between India and US through increased public awareness, enhanced public and private collaboration, and having a great focus on the benefits of collaboration of large and small companies.
India and US Trade Policy Forum (TPF) arrangement between the two governments enables to discuss trade and investment issues of both countries. The TPF is co-chaired by the minister of commerce and industry, Government of India and United States Trade Representative. The issues related to TPF will be discussed under five focus groups such as agriculture, tariff and non-tariff barriers, services, innovation & creativity and investment.
India and US have agreed to work upon the India-US technology Trade Agreement Proposal on Improving Logistics Infrastructure and Services in India. In the India US Commercial Dialogue, which was renewed in 2010, India has placed greater emphasis on investment opportunities in both countries especially in manufacturing and in areas of high technology, emerging technologies and collaborative research.
In December 2010, Indian exports to US were $17,629.72 million and growth was 27.9%. During the same period Indian imports was $ 13,106.98 million and the growth of -1.80%. Gems and Jewellery’s items are major exports from India to US. The major imports from US are: Transport equipments including aircraft, spacecraft and other parts, machinery, fertilizers, pearls, electronic goods, precious and semi-precious stones, professional instruments, chemical materials and products, and plastic materials.