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Shri EVKS Elangovan, Minister of State for Commerce and Industry said that the scope for trade investment and technology cooperation between India and the United States is immense and the cooperation would reach a new high with the ongoing economic initiatives in the country. The minister was delivering the keynote address at the ‘India Connect Show’ at Washington yesterday. Shri Elangovan cited the introduction of VAT, the passage of patents bill and the Foreign Trade Policy as examples of India’s resolve to carry forward the reform process. The trade facilitation measures announced as part of the Annual supplement to the Foreign Trade Policy will lead to electronic filing and authentication of documents, he said.
Recalling India’s relationship with the US spanning over 50 years, the minister emphasized the need for more cooperation in trade and investment sectors. The bilateral trade between both the countries is US $ 21.65 billion with an annual growth rate of 20 percent. However in terms of US’s overall trade, the bilateral trade with India is less than 1 percent. He said that India would soon sign an ‘open-skies’ Agreement with the US.
Shri Elangovan also had a meeting with the US Deputy Secretary of Commerce, Mr. Kassinger.
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