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US is India's largest trade partner with bilateral trade clocking $65.9 billion last year. In order to further the strengthen the trade ties between the two nations, both the countries are now looking forward to inking new set of rules of commercial engagement.

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The signing of the new pact in fact will expand trade and job-creating opportunities for US and Indian companies, and will reportedly support both Prime Minister Manmohan Singh's recently introduced budget initiatives and President Barack Obama's National Export Initiative.

Stepping up exports to the US, India's largest trading partner, is considered crucial to meet India's target of USD 200 billion for this fiscal year.

Major US imports from India include:

Precious Stones, Metals, Woven apparel, Knit apparel, Miscellaneous textile article, Organic chemicals Fish and seafood, Textile floor coverings, Iron/steel products and Machinery (taps, valves, transmission shafts, gears, pistons, etc)

Major US exports to India include :

Sophisticated machinery (computers and components, Gas turbines,telecom,Medicaland surgical equipment/instruments, Aircraft, spacecraft (small aircraft), Electrical machinery (recording/sound media), Precious stones, metals (diamonds, not mounted or set), jewellery, Organic chemicals, Plastic, Cotton and cotton waste and Wood pulp, etc.

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