India-US trade would rise to USD 500 billion: US Ambassador to India

The bilateral trade between India and the US is expected to increase to US $500 billion from the current US $100 billion, US Ambassador to India Richard Verma said today.

Verma said that India and the US are two big democratic nations and have agreed on pushing a "better agenda".

The initiative is significant for the entire Asia, he said while addressing a function here.

Answering questions on trade between the two countries, he said it is said to increase from US $100 billion to US $500 billion.

The relationship between India and America has reached a new dimension after the two meetings between Prime Minister Narendra Modi and US President Barack Obama, he said The two countries have agreed on cooperation in various fields like nuclear, defence and security, space, science, health and trade, he said adding there are immense possibilities of cooperation between India and the US.

The US administration, he said, is working on implementation of the agreements agreed between Modi and Obama.

He further said America has given business visas to 10 lakh people which is 70% of the visa issues in the entire world.

He is in Punjab as part of America's outreach programme.