India, US sign agreement to promote trade and investment
Washington | Thursday, Mar 18 2010 IST
 

India and the United States signed here last night a "Framework for Cooperation on Trade and Investment'' which sought to facilitate trade and investment flows between the two countries. Commerce Minister Anand Sharma, who signed the accord with US Trade Representative (USTR) Ambassador Ron Kirk said '' This agreement strengthens bilateral cooperation and seeks to build on recent rapid growth in US-India trade, which has more than doubled over the past five years''.

In the first significant step taken under the Framework, Sharma and Kirk also announced the launch of an initiative called "Integrating US and Indian Small Businesses into the Global Supply Chain," which will expand trade and job-creating opportunities for companies of the two countries.

They said that the measure would directly support both President Barack Obama's National Export Initiative and Prime Minister Singh's recently-introduced budget objectives.

Ambassador Kirk spoke of the 'almost limitless' potential for growth in trade between the two countries intended to contribute to economic recovery and job creation in the United States and continued economic growth in India.

Under the "Framework for Cooperation on Trade and Investment," the United States and India intend to meet the objectives of developing and enforcing trade policies and fostering a trade-enhancing environment by undertaking initiatives to help us meet those goals. Examples include increasing opportunities for private sector partnerships in infrastructure projects; enhancing IPR awareness and enforcement; promoting increased bilateral cooperation in the healthcare, education, information technology, energy and environmental services industries; working to empower women and disadvantaged groups and creating greater mutual understanding of respective approaches to government procurement.

Ambassador Kirk and Minister Sharma also hosted a meeting of a restructured Private Sector Advisory Group (PSAG) to the Trade Policy Forum. This group of American and Indian trade experts will provide strategic counsel to enhance the two governments' efforts to increase bilateral trade and investment. The members of the PSAG also offered to work as implementing partners for initiatives undertaken by the Trade Policy Forum, including the small business initiative announced yesterday.

-- (UNI) -- 18DF2.xml

 

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