In 2008, US exports to India were $17.68 billion while imports from India stood at $25.7 billion.

Similarly, in services trade, Indian exports increased steadily to $9.35 billion in 2007 from $1.89 billion in 2000, while imports from the US gathered momentum to touch $9.6 billion in 2007 from $2.54 billion in 2000.

According to the US Bureau of Economic Analysis, travel, passenger and transport segments accounted for 45 percent of total services from the US to India.

Educational services contributed 24 percent, business, professional and technical services 14 percent and royalties and licence fees 10 percent.

The Confederation of Indian Industry (CII) estimates the bilateral trade will double every three years to touch a whopping $320 billion by 2018.

A CII report entitled 'India-US Economic Relations: The Next Decade' said considering that India accounts for a mere 1.3 percent of the US trade, there was huge potential to increase bilateral business in the next 10 years. It recommended a comprehensive economic cooperation agreement, covering goods and services.

'As the only bilateral trade body between the two countries, we will take the initiative to advocate India as an innovation partner,' said IACC Karnataka wing's chairman Vasanth Kini.

In this context, the chambers advocated incentives to US firms for setting up research and development (R&D) centres in India.

The Indian delegation will also showcase opportunities in the healthcare sector, especially wellness tourism.

'The untapped areas for investments and partnerships are verification and legal services, aerospace, insurance and healthcare. The three agreements signed in nuclear, space and defence areas during Hillary Clinton's visit pave the way for greater collaborations in other areas,' Kini said.

(Fakir Balaji can be contacted at fakir.b@ians.in)