Union Minister of State for Commerce and Industry Jyotiraditya Scindia today said that a trade deal signed between India and the United States is set to boost investment in the countries' key sectors.

Following the conclusion of the two-day National Microfinance Conference here, Scindia said the deal would greatly benefit India's key manufacturing and services sectors.

"I firmly believe it will help both countries where our core competencies lie. India, definitely on the manufacturing and services sectors, and I firmly believe there are tremendous opportunities for both manufacturing and services," said Scindia.

Scindia said India was on track to achieving its trade targets and would look to building similar partnerships with other countries.

"I believe the targets we have set for ourselves are realistic, which is to increase our trade to 200 billion dollars by next fiscal, double our trade by 2014 and double our percentage of global trade by 2020, and if we are able to reach those targets, then it is very important that we expand our trade specifically with various continents, be that as it may with ASEAN or with the U.S. or with the EU," he added.

The pact lays out a plan for discussing barriers to trade in agriculture, services and manufactured goods, and how to encourage greater bilateral investment flows and increased rotection of intellectual property rights.

U.S. exports to India have grown rapidly in recent years and remained relatively strong last year, despite the global economic crisis. (ANI)