Having set an ambitious goal to increase bilateral trade from USD 100 to USD 500 billion, the US hopes that the upcoming India trip of US President Barack Obama would elevate trade and investment ties.

"In the trade and investment space, we’ll be looking for ways to elevate the relationship, to open up greater exports in both directions, greater investment in both directions," Deputy National Security Advisor Ben Rhodes told reporters.

Obama would be accompanied by US Commerce Secretary Penny Pritzker and US Trade Representative Mike Froman on the trip reflecting the priority he attaches to the trade relationship.

"In terms of trade and investment, there’s enormous potential in the relationship, so we will be looking at how we can work through a range of impediments to enhance US-India commercial ties," he said.

"We, of course, always advocate for greater US exports to India, but we believe there’s enormous potential in this relationship even as already it supports a significant amount of economic growth and job creation in both countries," Rhodes said in response to a question.

At the same time, he said there are a range of trade impediments that have in some cases held back the relationship.

"I am sure India, similarly, has its own interest in ensuring that the relationship is benefiting the Indian people," he said.

A number of top American CEO too would be travelling to India separately for the CEOs meeting which would be addressed by Obama and Prime Minister Narendra Modi.