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Trade and Investment

There has been tremendous growth in the business between India and the United States of America in the last one decade, he Indian Govarnment liberalised its ic policies. From a bilateral trade of less ,03 billion in 1991 it has now grown to close 15 billion. This is no mean achievement. Jr, the potential is much greater.

Look at these figures. United States of America goods and services worth USD 1200 billion md India's share in it is a paltry USD 9 billion. though United States of America is the important trading partner to India, India is the 25th important trade partner to USA. Also US investment dia is not high and does not reflect the potential of Indo-US Business.

This chapter gives statistical details on trade vestment between India and USA.

The International Trade Administration of the US Government headed by the Under Secretary for ltional Trade who oversees the operations of ITA's Four units:

The Commercial Service is your primary point of contact throughout the United States and the world.A Global network of Commercial Officers can help you at every stage of the exporting process.

Trade Development is the government's link to American industry. Industry sector specialists can you identify trade opportunities for specific or services.

Market Access and Compliance keeps world ets open to your products. Country specialists can help you benefit from our trade agreements with ther countries.

Import Administration impartially enforces a level playing field for the domestic marketplace.

 

After declaring its independence in 1776, the struggling young nation found itself on the brink of bankruptcy. Responding to the urgent need for revenue, the First Congress passed and President George Washington signed the Tariff Act, which authorized the collection of duties on imported goods. It was called "the second Declaration of Independence" by the 'news media of that era.

For nearly 125 years, Customs funded Virtually the entire government, and paid for the nation's early growth and infrastructure. The territories of Louisiana and Oregon, Florida and Alaska were purchased; the National Road from cumberland Maryland, to Wheeling, West Virginia, was constructed; and, the Transcontinental Railroad stretched from sea-to-sea. Customs collection built the nation's lighthouses; the U.S. mililtary and naval academies; the City of Washington; and , the list goes on. The new nation that once teetered on the edge of bankruptcy was now solvent.

Today, Customs is still a growing, major sour~ revenue for the Federal government, returningo $16.00 to the taxpayer for every dollar appr0jX8 by Congress.

The United States Customs Service ensures that all imports and exports comply with U.S. laws and regulations. The Service collects and protects the revenue, guards against smuggling, responsible for the following:

Assessing and collecting customs duties, excise taxes, fees and penalties due on imported merchandise.

Interdicting and seizing contraband, including narcotics and Illegal drugs.

Processing persons, baggage, cargo and mail, and administering certain navigation laws.

Detecting and apprehending persons engaged in fraudulent practices designed to circumvent Customs and related laws.

 

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