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Chidambaram to leave for US tomorrow on week-long tour (TRADE WITH US)

The Finance Minister, P. Chidambaram, will embark on a week-long tour to the United States from Monday.
Besides addressing the US-India CEO Forum on July 12, Chidambaram is also expected to hold a one-on-one meeting with US Treasury Secretary, Jack Lew, this week.
The Economic Affairs Secretary, Arvind Mayaram, will accompany the Finance Minister during this official tour, it is learnt.
The US-India CEO Forum, constituted in July 2005, comprises 10 chief executive officers’ each from both the countries.
It was given a mandate to develop a roadmap for increased partnership and cooperation between the two countries at business level.
Chidambaram had last visited the Unite
d States on April 16-19. He held investment road shows in Boston and New York.
The Finance Minister had also met representatives of leading sovereign wealth funds, pension and insurance funds and private investors.
Mayaram had visited Washington on March 22 for the annual Sub-Cabinet level meeting of the India-US Economic and Financial Partnership.
Bilateral trade in goods have grown exponentially in recent years as both countries strengthened their bilateral engagement on economic and trade issues, including a Ministerial Trade Policy Forum (Commerce and Industry Minister) and Ministerial Economic and Financial Partnership (Finance Minister).
Total bilateral trade in goods touched $62.8 billion in 2012, registering 9 per cent growth over the previous year.
Indian exports accounted for $40.5 billion, resulting in a trade surplus of around $18 billion. The merchandise trade in the first quarter of 2013 was $16 billion.
Total trade in services in 2010 (the last year for which complete data is available) was $45.9 billion.
The US is the fifth largest source of foreign direct investment (FDI) in India. India and US are negotiating a Bilateral Investment Treaty.
Issues related to mobility of skilled personnel are a major trade-related concern.

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