US Chamber urges PM Modi, Biden to set $500 bn 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 $500 billion per annum. The two countries achieved bilateral trade of $190 billion last year.

"By reaching that ambitious bilateral trade target (of $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 $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.