Washington: Though there are large areas of 'convergence and divergence' between the India and US, both the countries have underlined that there is a vast potential for further cooperation in the fields of commerce, industry, investment and services and the problems facing both sides as they try to realise it.

"There are between the two countries large areas of convergence as well as divergence but they can work together for better relations with one representing the world's largest economy and the other the economy of one-sixth of the world's population whose gross domestic product in purchasing power parity terms is the world's fourth largest", Union Commerce and Industry Minister Arun Jaitley said on June 11.

Jaitley was speaking during the relaunch of The US-India Commercial Dialogue, an institutional arrangement established by President Clinton and Prime Minister Atal Behari Vajpayee, during Clinton's memorable Delhi visit, by the US-India Business Council, the Federation of Indian Chambers of Commerce and Industry (FICCI) and the Confederation of Indian Industry (CII).

The Dialogue, he said, enables both to understand each other's positions better and there is need to increase the frequency of these dialogues.

Jaitley said he has just come back from a very fruitful session with US Secretary of Commerce Don Evans. It enabled them to further appreciate each other's positions. Both he and the US Secretary feel that even though the US is India's largest trading partner, their volumes of trade could be much higher.

PTI