There is huge potential for investment by US firms in India: Piyush Goyal

Commerce Minister Piyush Goyal on Tuesday said India and the US do not have any trade disputes and both nations have huge bilateral trade and investment potential.

Speaking during a ministerial panel discussion at India Energy Forum, Piyush Goyal said, "There is no (trade) dispute (with the US). We had certain disagreements, but I don't think that there is... any relation where there are no disagreements at all. I think we welcome some ''nok jhok'' (argument). A little bit of uncertainty helps in taking things forward."

Piyush Goyal's comments assume significance in view of the recent withdrawal of Generalized System of Preferences (GSP) or trade tariff incentives on Indian products by the US, especially when both countries are negotiating a trade agreement.

Piyush Goyal was of the view that his discussion with his US counterpart helped improve the bilateral relations further.

Referring to the withdrawal of GSP by the US, Piyush Goyal said, it could be a "dispute in the eyes of some, but I think it opened up an opportunity for me to have a dialogue with my colleague (US trade representative). We had some wonderful discussions."

About the business potential with US Energy firms, he said, "There is huge potential on the gas side and also in nuclear energy. The US and India have a robust relationship, which has huge potential going forward... We should not look at incremental growth in our relationship. We should be looking at a quantum leap. We have set a half-trillion-dollar (trade) target (with the US)."

Piyush Goyal said that there is huge potential of energy exports from the US to India and business is going on with the US on oil, gas and nuclear fronts.

Total Indo-US trade in 2018-19 was around USD 88 billion.

On the imposition of anti-dumping duty on imports by the Directorate General of Trade Remedies, he said that it is a quasi-judicial body and has nothing to do with the government.