Friday, June 23 2006 10:15 Hrs (IST) - World Time -

Washington: India and the United States agreed on an action plan, including involvement of private sector big business leadership, to double their bilateral trade from the current 20 billion to 40 billion dollars in three years.

The agreement was reached Thursday at the third ministerial-level meeting of the US-India Trade Policy Forum (TPF) co-chaired by Indian Commerce and Industry Minister Kamal Nath and US Trade Representative Susan Schwab.

The two sides had agreed to add a 'CEOs' arm' to TPF, launched during Prime Minister Manmohan Singh's US visit in July 2005 to discuss trade and investment issues, to provide strategic direction and support and address micro issues more effectively, Nath told a press conference.

"The Trade Policy Forum has, within a short time, emerged as a very effective forum for the two sides to enhance bilateral trade and investment. It was encouraging to see both sides engaged in intensive discussions at the expert level on a variety of issues of mutual interest," he said.

With India already among the United States' fastest growing major bilateral trade relationships, Nath and Schwab hoped the cooperative steps endorsed Thursday will serve to further trade and investment, with the goal of doubling two-way trade in three years.

"Under the Trade Policy Forum we continue to make steady progress on key issues to improve the bilateral trade and investment climate," said Schwab.



"We remain committed to doubling bilateral trade over the next three years, and improving the regulatory, customs and intellectual property protection climate is key," he said.

Nath and Schwab also discussed the Doha negotiations, agreeing that the US and India share a commitment to conclude a successful, far reaching Doha Round by the end of 2006.