India-US trade to touch $100 bn

Bilateral trade between India and the US is expected to touch USD 100 billion in the coming years on increasing economic engagement between the countries, a senior US official has said.

"Our economic cooperation is increasing considerably with two-way trade likely to reach USD 100 billion in the coming year as well as the prospect for a bilateral investment treaty.

"This could strengthen investor confidence on the part of both Indian and Americans," US Deputy Secretary of State William Burns said after his meeting with Finance Minister P Chidambaram.

In 2011-12, the bilateral trade between the countries stood at about USD 60 billion.

Welcoming the series of measures announced by India, Burns said allowing foreign direct investment in multi-brand retail will help farmers in getting good prices for their produce besides giving wider choices to Indian consumers.

Further, he said India-US defence cooperation is also strengthening not only in terms of sales but also in terms of technology transfer at par with US' major allies around the world.

"Our defence cooperation is increasing in terms of sales which have totalled something like USD 8 billion in the last five-six years and could double in the next couple of years," he said in a statement.

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