Powell said that taking the bilateral trade to USD 500 billion would have significant impact on economies and citizens of both the countries.
"To achieve this goal, however, we need to do much, much more to unlock the full economic potential of our bilateral relationship. Both countries need to implement policies that stimulate investment and trade.
"Some people point to the press headlines in both our countries describing challenges and frictions in our current trade relationship and are incredulous to hear us talk about the US and India reaching USD 500 billion in bilateral goods and services trade. Certainly achieving this goal will be no easy feat and could take many years to accomplish," she said.
She said that while the goal will have to be attained through the actions of private companies and individuals, there is much that governments can do to facilitate its accomplishment.
For example, it is important to first nurture an environment that attracts growth, she said adding all investors evaluate transparency, predictability, infrastructure, and the labour force when making business decisions.
"As I prepare to retire from the Foreign Service, I am truly awed at the progress India has made over the past 20 years as well as by the depth and strength of the overall US-India relationship.
"I look forward to the day, not too far in the future, when a successor of mine will be able to announce that the US-India bilateral trade in goods and services topped USD 500 billion," she added.
In civil aviation, she said current government-to-government activity reflects US commitments to support aviation safety, security, training, and best practices.
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