Bilateral relationship between India-US in a narrow trade perspective

London: Petroleum Minister Dharmendra Pradhan inaugurating the physical data room during an interactive session in London on Monday. India's High Commissioner Navtej Sarna is also seen. PTI Photo (PTI9_12_2016_000289A) *** Local Caption ***
Vastavam web:Indian Ambassador to the US Navtej Sarna has appealed to the American business community not to look at the bilateral relationship between India and the US from a narrow trade perspective which is a multifaceted one.”When we look at this relationship, I would encourage all of you not to look at it purely in the narrow trade perspective because this (India-US) relationship has the breadth and depth survive ups and downs. It has done so,” Sarna told a gathering of representatives from the American corporate world at an event organised by US India Business Council (USIBC) this week.He said this in an apparent reference to the trade imbalance between the two countries which is repeatedly mentioned by senior officials of the Trump Administration.
According to Sarna, the trade figures don’t look too bad at all.US Commerce Secretary Wilbur Ross in his address said there were certain imbalances which needed to be corrected.”We are working on that. To put it into perspective, it is perhaps one tenth of the trade imbalance that the US suffers against China. So we are looking at ways and means,” the Indian Ambassador said.”But that’s not all. India would be growing, and the figures keep changing from quarter to quarter even if you take anything between 5 and 7 per cent, but civil aviation market in India is growing at 20 percent. By 202, India’s going to be the third largest commercial aviation market in the world,” he said.
So, the potential for the US to take advantage of this in terms of exports is again huge, the top Indian diplomat said.Sarna said last month he flagged off the first crude oil export ever from the US to India.”This is going to be a monthly buy because the prices are still good enough for India to be able to buy these despite the distance. And I think all the oil majors are not only investing in the US oil and gas sector but are now simply buying oil,” he said.