Indo-US two-way trade at $31.9 billion

New Delhi, May 4: Indo-US bilateral trade has increased over five times in the last 16 years to 31.92 billion dollars in 2006 from 5.6 billion dollars in 1990.

''The balance of trade has been in India's favour with exports to the US growing in excess of 16 per cent at 22 billion dollars,'' External Affairs Minister Pranab Mukherjee told reporters here today.

This significant growth is a result of the growing ties with the US in the last few years, he added.

''There has been a steady consolidation of many other vital aspects of our relationship, especially in our trade, investment and economic cooperation, science and technology cooperation, energy dialogue and cooperation in agriculture,'' the Minister said adding the partnership can be leveraged to fulfill some of our national development objectives.

Investments by Indian companies in the US has also been on the rise, he said .

The US foreign direct investment (FDI) has increased by more than 15 per cent in the last 15 years standing at more than 5.5 billion dollars.

UNI