India is ready for talks with the US on a bilateral investment treaty (BIT), which would reinvigorate trade ties between the two countries, commerce and industry minister Anand Sharma has said.
“We have said that ‘yes, we are ready for it (bilateral investment treaty). We are in favour of a bilateral investment agreement,” Mr Sharma told reporters at the conclusion of the Washington-leg of his US tour on Friday.
However, no date has yet been set in this regard, he said.
During his visit, Mr Sharma had met the US trade representatives Mike Froman; delivered key note address to the US India Business Council and attended a meeting of the US India CEOs Forum.
“We have given our acceptance,” Mr Sharma said in response to a question during the press interaction.
“We would definitely be in favour of enhancing our economic partnership,” he said.
“We clearly recognise that the economic engagement in both trade and investment, though robust, is well below the potential, given the opportunities that a growing economy like India offers and the opportunities that exists in the largest economy of the United States of America,” he said.
Mr Sharma said the target of $500 billion in bilateral trade by 2020 is doable. “If we make real effort in five years, we can definitely by 2020 reach there,” he said.