Washington, DC
June 27, 2007 

Commerce & Industry Minister of India Mr. Kamal Nath is scheduled to visit Washington, DC on June 27-28, 2007 to give a special address at the ‘Global India Summit’ which the US-India Business Council is holding to mark its 32nd Anniversary. On this occasion, he would be officially releasing the publication of India-Business Equity Fund: Going Global: India Inc. in the United States of America. 

During his visit the Minister will have a brief meeting with Secretary of State Dr. Condoleezza Rice, who is scheduled to deliver a keynote address at the ‘Global India’ Summit. Besides, he would meet with USTR Ambassador Susan Schwab, Secretary of Agriculture Mr. Mike Johannes and Secretary of Treasury Mr. Henry Paulson.

On June 28, he speaks at the Carnegie Endowment for International Peace on “The Doha Agenda - Delivering on Development”. He will hold a Press Conference at the Embassy of India, 2107 Massachusetts Avenue, NW, Washington, DC 20008, on June 28th, 2007 at 11:45 am. 

Background

Trade and commerce form a crucial component in the rapidly transforming and multi-faceted relations between India and US. From a modest $ 5.6 billions in 1990, the bilateral trade in merchandise goods has increased to $ 31.92 billion in 2006 representing an impressive 470% growth in a span of 16 years. India’s merchandise exports to the U.S.A. grew at 16.07 % from US $ 18.80 billion in 2005 to US $ 21.83 billion in 2006.US exports of merchandise to India increased from US $ 7.99 billion in 2005 to US $ 10.09 billion in 2006, an increase of 26.31%. The rate of growth of both exports and imports in recent years has been impressive. Over 2005-06, India’s exports grew by 16 % and US exports by 26%. During the first quarter of this year, the exponential growth has continued, with Indian exports growing by 12% and US exports by 23%. India now ranks 17th as source of imports and 20th as destination for exports. India’s major export products include gems and jewelry, textiles, organic chemicals and engineering goods. Our main imports from the U.S. are aircraft and aviation products, machinery, precious stones and metals and organic chemicals.

US Secretary for Commerce Mr. Carlos Gutierrez visited India in February 2007 and USTR Ambassador Susan Schwab in April 2007. Minister Nath last visited United States in October 2006.