US & India should set bold goals to achieve USD 500 billion in bilateral trade: new USIBC president

According to Atul Keshap, the new president of the influential US India Business Council (USIBC), after making enormous progress in their overall relations, the US and India must now set bold goals to take their ties to a new level and achieve the ambitious target of USD 500 billion in bilateral trade.

In an interview with PTI, Keshap said, "I think it is very important that we prove that democracies can deliver; that the United States and India can be a driver of global growth and a model for wealth and progress in the twenty-first century."

During his lengthy career with the US State Department, Keshap, a seasoned American diplomat, has served in a variety of capacities. The US Ambassador to Sri Lanka and the Maldives, as well as the Principal Deputy Assistant Secretary of State, were among them.

He served as the Charge d'affaires of the US embassy to India last year, during which time he helped build the India-US relationship during the Biden administration's first year.

"I believe it is imperative that we demonstrate how open societies fueled by free enterprise can be relevant to their citizens and assist the globe overcome this scourge. I completely agree with President (Joe) Biden and Prime Minister (Narendra) Modi that the US-India Partnership is a force for global good that will have a huge impact on economic growth, poverty reduction, global security, and dealing with all of our time's difficulties," he stated.

"So, after some thought," the 50-year-old former ambassador explained, "I have determined that USIBC is the best place for me to help people in both countries." In her lecture last week, Suzanne Clark, president of the US Chamber of Commerce, emphasised the need of democracies being ambitious and thinking boldly.

"On the global trade agenda, we must make progress. We must safeguard future prosperity, particularly in the aftermath of the pandemic "he stated During the interview, he alluded to Biden's vision, which he set as vice president, of the United States and India having a potential trade surplus of USD 500 billion in products and services."

"That is a big amount, but I think it is achievable. It is a fantastic notion to set ambitious goals and to be ambitious. We are only at a standstill in our democracies if we are not ambitious. As a result, we should always strive to improve."

Last year, Keshap was particularly pleased by American industry and the USIBC membership's response, in which hundreds of organisations rushed relief, oxygen supplies, and ventilators to India in its hour of need.

"Back in America, we never forgot how India came to our aid early in the pandemic when we needed it. And when India requested assistance, we did everything we could to support them."

"Friends do things like that. We need to collaborate. If democracies do not work together, humanity will face a considerably bleaker future. This is something in which I really believe. I am feeling upbeat. I am a driven individual. The Chamber is upbeat and forward-thinking. The USIBC's member companies are committed to seeing increased trade and commercial links between the United States and India. I want to devote my time, energy, and entrepreneurial spirit to this partnership, as well as my spirit of service and commitment," he stated emphatically.

Keshap stated that his new post will allow him to contribute to the USD500 billion bilateral commerce goal.

"This is where the government and the private sector must collaborate closely. They must construct a case that the citizens of our free countries can believe in. We live in democracies. We must follow the people's will: 1.7 billion Americans and Indians working together."

"As a result, we must convey the vision and ambition, as well as the rewards, and persuade all of our stakeholders that eliminating trade barriers is worthwhile. It is beneficial to establish high standards. The benefit of creating healthy ecosystems cannot be overstated. Dealing with minor technological concerns that may be preventing greater prosperity between our countries is worthwhile."

When Keshap began working on the India-US relationship as a US ambassador, bilateral trade was USD20 billion, but it has since grown tremendously to USD147 billion in 2019.

"As a result, we are on our way. That is due to the positive, pleasant, and mutually respectful efforts of bureaucrats, legislators, technological specialists, and corporate executives to ensure that number continues to rise."

According to Keshap, the two countries must now be ambitious. "We are living in a hazardous time in the globe. During the pandemic, there are a variety of stressors and obstacles, including economic stress, challenges from other countries, and challenges from other systems."

"For our own safety and well-being, I believe it is incumbent upon the United States to create the strongest possible relationship with India. This is inextricably related to the economic, commercial, and investment ties. I will be happier if we can talk to each other as friends to develop a strong Indo Pacific supply chain that binds us closer together."

He described the more than a dozen nonstop flights that connect India and the United States as follows: "is a symbol of how far we have come in terms of development and how close our countries are becoming. What I would like to do is devote even more effort to seeing that happen. I have a big vision for what the US and India can accomplish together."

In 2020-21, total bilateral trade between India and the United States was USD 80.5 billion, down from USD 88.9 billion in 2019-20. In 2020-21, India's exports to the United States were USD 51.62 billion, down from USD 53 billion in 2019-20. According to figures from the commerce ministry, India's imports from the United States totaled USD 28.9 billion in 2020-21, down from USD 35.9 billion in 2019-20.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.