US Trade Representative Rob Portman said India and US were working towards an investment summit, a roadmap for which will be announced during the President George Bush's visit, and ways to double two-way trade in three years from the present level of $26.8 billion.
Portman said US businessmen are looking at large investments into India, particularly in infrastructure and energy as also deepening cooperation in small and medium enterprises sector.
He indicated that the high-level trade policy group was looking into the issue of US allowing entry to refurbished Indian computers, as also lifting anti-dumping duty on Indian shrimp.
Portman said five sub-groups had been set up under the high level group for deepening of economic cooperation in agriculture, tariff and non-tariff barriers, services, investment and Intellectual Property Rights issues.
He said US companies were keen to invest in India in sectors like infrastructure and there was immense scope and hoped that there would be substantial increase in foreign direct investment.
Commerce Minister Kamal Nath said both sides had discussions on multilateral trade issues and were keen on ensuring that the modalities for agriculture and other key areas are worked out before the April 30 deadline at the World Trade Organisation.
He said he would be meeting Portman again next week at the G-6 meeting to push for the early completion of the current round of trade negotiations.
"Both of us believe that deadlines must be kept. We are working towards it. We have to see how convergence can be reached and modalities worked out before the deadline," Nath said.
Indian mangoes may enter US
Americans may soon get to taste Indian mangoes, with the US authorities agreeing to consider lifting of sanitary and phyto-sanitary ban on its imports.
Indian mangoes were banned from entering the US as the authorities had not conducted a Pest Risk Analysis, required for sanitary and phyto-sanitary clearance.
Portman, who was on Wednesday served mangoes during a meeting with Nath indicated that the US President may announce the lifting of ban.
"I had a large helping today... the fruit is delicious. We are working hard to address the issues... An announcement in this regard is expected," Portman told reporters after the meeting.
India had requested for a PRA about 19 years back and US authorities have not completed the process. While China has allowed import of Indian mangoes, Australia and Japan, which also have stringent SPS requirements were now looking at allowing Indian mangoes to enter.Do you want to discuss stock tips? Do you know a hot one? Join the Stock Market Discussion Group