India-US trade at $103 bn, can reach $500 bn: US envoy

Washington, June 6: The India-US bilateral trade in goods and services has crossed the elusive $100 billion threshold and now stands at $103 billion, US envoy Richard Verma said here on Saturday, adding that both countries still have a long way to traverse to reach the goal of $500 billion. Addressing the Center for Strategic and International Studies, Verma said the goal of $500 billion is achievable. Both sides have restarted the Trade Policy Forum, "which is bringing together Indian and American trade experts to address concerns across a variety of sectors", he said. On intellectual property, a technical team of Indian experts will visit Washington for further discussions on how to improve IP protection. "We continue to look for ways to enhance the environment for innovation in a way that promotes our shared interests," he said. He said through the US State Department's Indo-Pacific Economic Corridor (IPEC) initiative, "we are also supporting greater regional economic connectivity between India and its neighbours, complimenting Prime Minister Modi's 'Act East' policy".