For Immediate Release: June 23, 2011
Contact: Tim Truman (202) 482-3809
Commerce Under Secretary Francisco SÁnchez Delivers Remarks at U.S.-India Business Council Roundtable
Highlights the importance of the expanding U.S.-India economic relationship in global economy
WASHINGTON – Francisco Sánchez, Under Secretary of Commerce for International Trade, today reiterated President Obama’s belief that the U.S.-India relationship would “be one of the defining partnerships of the 21st century” during remarks at today’s U.S.-India Business Council annual meeting in Washington.
“Significantly growing our trade and investment with India is a priority for the President, and it’s also a priority for me under the National Export Initiative,” Sánchez told attendees at the “Addressing Challenges, Boosting Ties” business roundtable. “We are well on our way to doubling global U.S. exports in five years. The 17 percent increase in U.S. exports to India in 2010 – and a further 15 percent increase in the first four months of 2011 – is crucial in helping us reach our goal.”
From 2000 to 2010, India rose from being the United States’ 31st-largest export market in 2000 to its 17th-largest market in 2010. It still trails such countries as Australia, Taiwan, and Korea.
Sánchez noted that since President Obama’s visit to India in November 2010, Commerce has continued to expand its export promotion activities through trade missions led by Commerce Secretary Gary Locke and International Trade Administration senior officials.
“We want to show that Indian and American companies – and our two countries – can all benefit from increased trade and investment,” Sánchez said. “Our recent and upcoming trade missions have brought U.S. companies to India to pursue opportunities in several priority sectors.”
Sánchez announced he will lead a clean technology trade mission to India in November. The visit will include a stop in Ahmedabad in support of ITA’s Growth in Emerging Metropolitan Sectors initiative.
“We want to work with India to expand commercial opportunities and make India the “best bet” for U.S. companies looking abroad to trade and invest,” Sanchez said. “This is a win-win just waiting to blossom and, together, we can succeed.”
Under Secretary Sanchez’s full remarks are available at http://trade.gov/press/speeches/.
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