In two decades, China will be using more oil than the US. The world in total will demand another 50% by then. If oil cannot be recovered at a sufficient rate, the gap between demand and supply will drive prices through the roof.
Washington: A US government report today said the Obama administration is trying to resolve key bilateral trade irritants with India so that it can significantly increase American exports to the country, reports PTI.
The report, which has been submitted to US president Barack Obama said India, China and Brazil are large, high-growth markets that offer American exporters tremendous opportunities.
Mr Obama is slated to visit India in November.
US is working on plans to double exports within five years and the report outlines ways in which the government can help American businesses win more foreign government contracts, find buyers worldwide and receive more export financing.
The report, on the National Export Initiative (NEI), has been developed by the Export Promotion Cabinet which includes the secretaries of commerce, state, treasury, agriculture and labour as well as heads of all the government trade agencies.
"In India...the United States is addressing key bilateral trade irritants and developing cooperative initiatives - especially relating to innovation, services, and market access for industrial, consumer, and agricultural goods," it said.
The report added, "In India, priority sectors include energy (renewable, energy efficiency, clean coal, and nuclear); defence and homeland security; civil aviation; health care; consumer goods; franchising; and education."
It provides an overview of the progress of the NEI and lays out a plan for reaching the president's goals of doubling US exports in five years to support several million new jobs.
"As American consumers spend a little less and save a little more, it has never been more important to connect US businesses to the 95% of the world's consumers who live outside our borders," commerce secretary Gary Locke said.
He added, "Helping American companies sell more abroad will create jobs and boost our economy. This report is a blueprint for doing just that."
On India, China and Brazil, the report said that these three large, advanced developing countries have experienced rapid gross domestic product (GDP) growth rates and have rebounded most quickly from the global economic crisis.
China continues to register 9%-10% annual economic growth. India's growth is expected to move from 6%-7% between 2008 and 2009, and 8%-9% between 2010 and 2011. Brazil's projected growth has been revised upward to over 7% for 2010.