India-US bilateral trade can increase five-fold to $500 billion: John Kerry

"I hope that we’re going to take full advantage of the chance that this dialogue affords us to expand our bilateral cooperation," US secretary of state John Kerry said in presence of Indian External Affairs Minister Sushma Swaraj.

 

"I first visited India more than two decades ago when I was a youngish member of the United State Senate. The Cold War was over and traditional relationships were very much in flux. And I was already committed to the idea that the United States and India could work more closely together and get over the hurdles that existed during the Cold War period," Kerry said.

 

Kerry said that India-US economic partnership is already growing stronger by the day. 

 

"Annual trade in goods and services between the United States and India has grown nearly fivefold since the year 2000 to just over $100 billion. And my government agrees with Prime Minister Modi that we can increase that figure to more than $500 billion in the years immediately ahead. Bilateral foreign direct investment stands today at more than $35 billion. It can go much higher. And right now our economic connection supports hundreds of thousands of jobs in each of our countries, but we’re not satisfied because we all know that there are many more openings to explore," said he.

 

"We’re also working together in the Indian Ocean. Our joint naval exercise MALABAR continues to grow in complexity, and now includes Japan. We have agreed on a new 10-year defense framework and also on a shared strategic vision for the Asia-Pacific and Indian Ocean that stresses regional security, maritime law, peaceful resolution of disputes, and economic connectivity across the region," Kerry said.

 

On health ground, Kerry said India and the United States are striving to end preventable maternal and child deaths in developing countries. 

 

"So today, it is clear our destinies are converging. Prime Minister Modi will meet with President Obama next week, and we will work to find ways to play to our strengths. And I’m confident that together we can help to shape a world that is more secure, peaceful, and prosperous than it was before our efforts came together," he said.