The United States and India share a strong and growing commercial and economic relationship, driven by entrepreneurs and businesses in both countries. In January, President Obama and Prime Minister Modi decided to elevate the bilateral commercial and economic partnership by establishing the first-ever U.S.-India Strategic and Commercial Dialogue (S&CD) which was held today in Washington, DC. The S&CD is the signature, annual forum for policy discussions between the United States Government and the Government of India. The United States and Indian Governments are using this vehicle to advance our shared priorities of generating economic growth, creating jobs, and strengthening the middle class. U.S. Secretary of State John Kerry and U.S. Secretary of Commerce Penny Pritzker co-chaired the dialogue with their Indian counterparts, Minister of External Affairs Sushma Swaraj and Minister of Commerce and Industry Nirmala Sitharaman.
The S&CD reflects the Obama Administration’s commitment to strengthen the economic engagement that lies at the center of our bilateral relationship. This engagement, which includes business, education, cultural, familial and people-to-people ties, has always been at the leading edge of the U.S.-India partnership, and continues to expand. Our bilateral trade has grown from $19 billion in 2000 to over $100 billion in 2014. U.S. exports to India totaled $38 billion last year, supporting an estimated 181,000 U.S. jobs. Cumulative Indian foreign direct investment in the United States totaled $7.8 billion in 2014; U.S. foreign direct investment into India was $28 billion. Ongoing government actions to facilitate trade in both directions and open new sectors to private investment will continue to accelerate not only economic growth and development, but also increase prosperity for the citizens of both our countries.
Below are key highlights of progress since the 2014 U.S.-India Strategic Dialogue: