The United States on Sunday said bilateral trade with India had reached $109 billion (approximately Rs 7.3 lakh crore) in 2015 from $37 billion (approximately Rs 2.4 lakh crore) in 2005, with more trade expected after the implementation of the Goods and Services Tax Bill by the Narendra Modi government, PTI reported. US Commerce Secretary Penny Pritzker (pictured above) said the administration of President Barack Obama has taken steps to ensure a “thriving trade and investment relationship” with New Delhi.

Pritzker said Indian investment in the US has reached $11 billion (approximately Rs 73 thousand crore). She added that local arms of Indian-owned firms “now employ” over 52,000 workers in the country, even as US investment in India has reached $28 billion (approximately Rs 1.8 lakh crore). She further said that Washington welcomed Indian Prime Minister Narendra Modi’s "ambitious efforts to improve India’s business climate" through reforms such as the GST.

However, Pritzker noted the new tax regime "is just one in a series of steps" needed to improve the ease of doing business in the country, with US businesses raising issues such as "unclear tax policies" as well as the "inadequate protection and enforcement of intellectual property rights". "Companies seek a more transparent and predictable policy environment…in order to plan investments and inform long-term business decisions," she said. Pritzker will begin a three-day visit to India on Monday, during which she will meet with local entrepreneurs and participate in an event to promote tourism between the two countries.