India to look for higher US market for gems, jewelry, handicrafts

With American economy slowly getting back on track, the Indian Commerce Ministry will seek US trade office to assist accelerate the exports of gems and jewelry and handicrafts from India to US.

In line with the above objective, Commerce and Industry Minister Anand Sharma would be leaving for Washington on March 16, alongside Commerce Secretary Rahul Khullar.

As per a top source, US is India’s largest market for labour intensive sectors…and in all probability these issues will be taken up for discussion during Sharma’s meeting with US Trade Representative Ron Kirk.

In 2008-09, of the total exports to US worth over USD 185 billion, exports of gems and jewelry was worth USD 24.89 billion, leather USD 3.59 billion and handicrafts USD 1.7 billion to the US.

Accelerating exports to the US, which is India’s largest trading partner, is considered important to meet India’s target of USD 200 billion for this fiscal year.

During Sharma’s visit, the two countries would be looking forward to signing a Framework for Cooperation in Trade and Investment. Bilateral Trade clocked to about USD 39.71 billion in 2008-09. Exports to the US were USD 21.14 billion.

After being badly hit by global crises, the US economy has been is bouncing back to the point that it has expanded over 5 percent in the last three months of 2009.