Piyush Goyal, US trade representative Tai to hold virtual meet today

US Trade Representative Katherine Tai will on Thursday hold a virtual meeting with Union Commerce and Industries Minister Piyush Goyal.

The meeting comes ahead of Prime Minister Narendra Modi's official State Visit to the US next week at the invitation of President Joe Biden.

During the meeting, Tai and Goyal are expected to put the finishing touches on the announcements being planned for next week.

Bilateral trade between India and the US has nearly doubled in the Modi government's nine years. Last year, trade between the countries was over USD 191 billion.

On Tuesday, US Chambers of Commerce President and CEO Suzanne Clark urged Modi and Biden to work towards achieving bilateral trade of USD 500 billion per annum.

Speaking at the India Ideas Summit of the US-India Business Council, Clark said, "By reaching that ambitious bilateral trade target (of USD 500 billion), together we can demonstrate to the world that the future of the global economy will be anchored by democracy, free enterprise, open markets and the rule of law."

During the summit, Commerce Secretary Gina Raimondo said Modi's State Visit would be an opportunity to elevate the governments' commercial and strategic technology partnerships, including in defence, semiconductor supply chains, clean energy, and space.

Treasury Secretary Janet Yellen, speaking at the event, said the two countries had made significant progress to strengthen bilateral ties. She also noted that the US is India's largest trading partner.

"Looking forward, I believe that we have significant potential to grow trade and investment between our nations.

"Both of our countries are advancing what I call 'modern supply-side' policies -- investing in human capital, physical capital, and science and technology to boost our long-term economic potential," Yellen added.