New Delhi, May 7 (KNN) India and the US complimented the new bilateral private sector led Small Business Interaction initiative, the US - India SME Forum that was held yesterday here.

This was the first event of its kind and would pave the way for collaboration and partnership between the U.S. and Indian small and medium enterprises (SMEs) in the areas of manufacturing and services, said a statement after meeting between visiting US Commerce Secretary Wilbur Ross and Commerce Minister Suresh Prabhu.

While discussing various outstanding trade issues, both sides agreed to engage regularly at various levels to resolve outstanding trade issues by exploring suitable solutions, which are mutually beneficial and promote economic development and prosperity in both countries.

Besides this, they agreed to deepen economic cooperation and bilateral trade by ensuring greater cooperation amongst stakeholders, including Government, businesses and entrepreneurs.

Ross is visiting India to attend the 11th Trade Winds Business Forum and Mission hosted by the US Department of Commerce.

The forum will bring together distributors, representatives and partners and enable them to increase sales by taking part in business-to-business meetings from 8-10th May, 2019, across India, said the release.

Both the co-chairs, Suresh Prabhu and Wilbur Ross appreciated the strong, robust and growing bilateral ties between India and the U.S. across the entire spectrum of trade and commerce and expressed satisfaction over the progress during the year 2018, with bilateral trade in Goods and Services registering a growth of 12.6% from $ 126 billion in 2017 to $142 billion in 2018.