A top Obama aide has said that the US is benefiting from the economic rise of India and the accelerating trade relationship between the two nations is mutually beneficial and relatively balanced.
"The incredible growth of India's economy has resulted in positive spill-over effects for the United States.
A quick look at the data reveals a trade relationship that is accelerating, mutually beneficial, and relatively balanced," said
Robert Blake, the Assistant Secretary of State for South and Central Asia.
Blake in his address to the University of Pennsylvania, Wharton India Economic Forum, said that the US exports to India have grown
faster than exports to practically all other countries in the world.
Between 2002 and 2009, the US exports to India have quadrupled, growing from USD 4.1 billion in 2002 to more than USD 16.4 billion in
2009. Also, during the period, its services' exports to India more than tripled, increasing from USD 3.2 billion in 2002 to more than USD
9.9 billion in 2009.
While noting that India was the country's 12th largest trading partner in goods, Blake said recently-released trade data for 2010 showed record goods trade with India, wherein the US exports to India rose by 17 percent while its imports from India rose by 40 percent.
During President Obama's visit, trade deals exceeded USD 14.9 billion in total value with USD 9.5 billion in US export content,
supporting an estimated 53,670 jobs.
"Our trade with India is also very much a two-way exchange with mutual benefits to both our countries," he said.
For example, in every year for the past 10 years, exporters in all 50 states and the District of Columbia have reported exports to India.
"Increasing exports to India directly benefit our local economies, including through much-needed job creation here in the United States. Here in Pennsylvania, 2010 saw a total of over USD 522 million in merchandise exports to India," Blake said.
According to the Assistant Secretary of State, direct investment into the United States by Indian companies over the last decade has
grown at an annualized rate of 53 percent, with investors focus on US industries such as energy and information technology.
"In a global economy where America’s trade relations with others tilt away from the US, the fact that India’s exports to the US are relatively equal to its imports is important to note," Blake said.
He said the US was committed to opening new opportunities for trade and investment, including its decision to allow Indian Space Research Organization access to high-technology.