"The US is committed to working with India to fully unlock the true potential of our economic ties," Assistant Secretary of State for South and Central Asia Nisha Desai Biswal said in her key note address to the "FICCI-IIFA Global Business Forum" being held in Tampa on the sidelines of the IFFA Awards this weekend.
While the bilateral trade between the two countries has now reached $100 billion, Biswal said she believes that a target of $500 billion in bilateral trade is entirely possible.
"Currently, the US and India are negotiating a BIT which will be critical to deepening our economic relationship, improving investor confidence, and supporting economic growth in both countries," Biswal said.
"A BIT will go a long way toward bringing our economies closer and reducing the friction that's only natural with two complex free-market systems such as ours.
“It will help us move past the choppiness that comes from not having an over-arching investment framework," she said.
"It will open up even more opportunities for American and Indian firms," said the top American diplomat.
She is the first Indian American to be made in charge of the South and Central Asia.
Bilateral investment flows have grown immensely with foreign direct investment into India from the US reaching $28.2 billion last year, she said.
Cumulative Indian FDI into the US has also grown remarkably, from a negligible $96 million in 2000 to $5.2 billion by 2012.
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