WASHINGTON, D.C. — The US-India Strategic Partnership Forum (USISPF) estimates that U.S.-India bilateral trade is likely to grow from $143 billion to $238 billion by 2025. This growth will occur if trade grows by 7.5% each year, as has been the trend for the last 7 years (full report here). The estimate also projects that, by 2025, bilateral trade could range between $283 billion to $327 billion, at an annual average growth rate of 10%-12.5% (as witnessed in 2017 and 2018). The assessment underscores pathways for growth and economic opportunity in our bilateral ties by highlighting current trends. Sectors such as defense trade, commercial aircrafts, oil and LNG, coal, machinery and electronics are areas of potential growth in U.S. investments and commerce into India. Similarly, Indian industry has an opportunity to promote the automotive, pharmaceuticals, seafood, IT and travel services to the U.S. market.
The assessment was launched at USISPF’s second annual leadership summit, amid overwhelming bipartisan support for U.S.-India ties. U.S. Cabinet officials in attendance included: Nancy Pelosi, Speaker of the United States House of Representatives; Rick Perry, United States Secretary of Energy; Wilbur Ross, U.S. Commerce Secretary; Jeffrey Gerrish, Deputy United States Trade Representative for Asia, Europe, the Middle East, and Industrial Competitiveness; U.S. Senator Dan Sullivan (R-AK); and India’s Ambassador to the United States, Harsh Shringla. During the summit, speakers highlighted areas of bilateral cooperation, including: trade and investment; strategic energy ties; manufacturing, and the U.S.-India innovation partnership.
Speaking at the summit, USISPF Chair, John Chambers said, “Prime Minister Modi’s
re-election is the start of a new era for India and US-India relations. It is my honor to be in Washington, D.C. today to commemorate the second annual USISPF leadership summit, where conversations with political and business leaders from both countries focused on India’s projected growth in the coming months and years. While India’s ambition to become a $5 trillion economy by 2025 is certainly welcome for businesses, government, and individual citizens in the U.S. and India, it is essential that we level the playing field and stay away from protectionism. I am confident that we can achieve $327 billion in bilateral trade by 2025 if we grow at 13% every year. I challenge the government and industry to work together to advance this objective.”
USISPF President and CEO Mukesh Aghi said, “In collaboration with government and industry leaders, we are making tremendous strides in moving the needle on our commercial priorities. Next week, the Atlantic Council and the Forum will release a report with recommendations to both governments on how to advance the bilateral trade relationship. We will also release recommendations on growing U.S-India cooperation in high-technology manufacturing sectors, such as aerospace and medical devices.”
About the U.S.-India Strategic Partnership Forum (USISPF):
The U.S.-India Strategic Partnership Forum is committed to creating the most powerful strategic partnership between the U.S. and India. Promoting bilateral trade is an important part of our work, but our mission reaches far beyond this. It is about business and government coming together in new ways to create meaningful opportunities that have the power to change the lives of citizens.
Headquartered in Washington, D.C., USISPF has offices in New York, Silicon Valley, Mumbai, and New Delhi. To learn more about our work, please visit http://www.usispf.org. You can also follow us on LinkedIn, Twitter and Facebook