Indo-US bilateral trade may top $50 b in 2008

The United States Commercial Service on Wednesday stated that the total bilateral trade between India and the US is likely to exceed $50 billion by the end of 2008 against $41.6 billion last year. With the signing of the nuclear deal between the two countries recently, the trade volumes are likely to go up further not only with India but other countries too, according to senior US officials. Of the $17.6 billion US exports to India in 2007, aviation accounts to about $6 billion (34.4 per cent). The growth has been quite rapid from $2 billion in 2006 to $6 billion in 2007, and there is immense potential for upside, according to Mr Steven White, Charge D’ Affairs, US Embassy. Addressing a press conference here, Mr White said that a large contingent of US companies is now in India exploring opportunities for co-operation with their Indian counterparts in the aviation sector. Unfazed by the current financial turmoil, they believe that China and India are amongst two fastest growing economies having potential for business expansion in several sectors, including aviation, infrastructure and energy. Citing some of the recent initiatives to fund the aviation industry, Mr Carmine S. Aloisio, Minister Counsellor, US Embassy, said that the Ex-Im Bank had extended a $549-billion financing as a part of $1.23 billion loan for purchase of Boeing aircraft to Air India.