India-US trade relationship to grow: Froman

TIL Desk World/Washington/ Describing the reforms undertaken by the Indian government as “work in progress”, a top Obama Administration official has linked the growth in bilateral trade between the two countries to India opening up and liberalising its economy.

“Prime Minister Modi came in with a very ambitious agenda, including to improve the business environment, the Make in India initiative, the Digital India initiative,” US Trade Representative Michael Froman told in an exclusive interview ahead of his next week’s travel to India to attend the US-India Trade Policy Forum meeting.

There have been a number of important reforms – the Goods and Services Tax bill, the Bankruptcy Law, the creation of commercial courts, the issuance of a national IP strategy, the opening of certain sectors to investment that are important and help contribute to a better business environment, he said.

“However, it is a work in progress, and there continues to be issues around investment and restrictions that can be addressed in order to improve the business environment,” said Froman who is scheduled to travel to Mumbai and New Delhi next week. One of the key architect of India-US trade relationship in the Obama Administration, Froman said India had been successful in increasing its growth rate, and is now one of the fastest growing economies in the world.