One of the major concerns is that Indian textile, which reaches Europe for processing and then is sent to the United States, is counted both in the European and American quotas. India considers this unfair and is holding discussions to sort out the issue. The economic cooperation between India and the US has been growing at ever- increasing rate since India began economic reforms but analysts consider the pace to be slow, given the potential that exists. The United States is now not only the largest investor in India but also its largest trading partner. The trade between the two countries last year was 12.79 billion dollars reflecting an increase of almost one hundred percent since 1992.
Analysts expect the pace to pickup further as India makes conditions for investment more conducive.
Vajpayee will deliver a keynote address on Wednesday at a meeting of American and Indian businessmen organized by confederation of Indian industry in New York. His address would come after a technical session on infrastructure, financial and capital markets in which Yashwant Sinha will participate. Later, in Washington, Vajpayee will interact once again with the business and the industrial community as also with investors from the Silicon Valley. India's exports to the United States have been growing since 1992 at an average rate of 13.7 percent in dollars. Imports from the US have been fluctuating.