India, US discuss ways to step up economic ties

Union Minister for Commerce & Industry and Textiles, Anand Sharma with the Secretary of Commerce, USA, John Bryson, in a bilateral meeting, in New Delhi on March 26.

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SME Times News Bureau | 26 Mar, 2012
Commerce, Industry and Textile Minister of India, Anand Sharma, and United States Commerce Secretary John Bryson today met in New Delhi and reaffirmed their governments' commitment to strengthen the economic relation between the two nations.

In a statement, they said, "Their governments’ commitment to further strengthen the India-U.S. economic partnership as an important element of the vision of the strategic partnership between the two countries outlined by Prime Minister Dr. Manmohan Singh and President Barack Obama."

“We are engaged in a very important economic partnership. We have collaborations in high end technology, innovation. There are strong investments that Indian entities have made in the US," Anand Sharma told media after after the meeting.

He said, "The US is also a major investor in India. We look at the priority sectors of engagement particularly focusing on manufacturing and on infrastructure and innovation. And also on the US participation in NMIZs. I have also communicated to the US Commerce Secretary the agreement reached extending the commercial dialogue."

Indian minister also raised the issues concerning movement of Indian professionals, including the 'high' rate of rejection of temporary work visas.

Sharma said, "All issues of concern from both the side were raised particularly, from our side the movement of professionals. HI and L1 visas to ensure that the professionals whether they are going from here or they are transferred from the foreign location by their companies to the new locations."

"There have been concerns over the high rate of rejection. Last year visas declined by 28 percent. We had a very frank discussion including some of the issues on which US have concerns," he added.

Minister Sharma and Secretary Bryson expressed satisfaction with signs of recovery of economic growth momentum in India and the United States. They emphasized the importance of sustained global economic recovery, a stable Euro Zone, stability in the international commodity and energy markets, and open international trade environment, for accelerating economic growth and enhancing prosperity in their countries.

The two leaders noted with satisfaction that bilateral trade in goods and services now exceeds USD 100 billion, making the U.S. the largest trading partner for India, and India one of the fastest growing markets for the United States. T

They welcomed the double-digit growth in trade ties between the two countries during the past two years, the rising flow of investments in both directions and growing role of innovation in the India-U.S. partnership.

They noted that growing ties in areas like infrastructure, aviation, defence, energy, higher education, financial services and information technology are making bilateral economic ties increasingly broad-based. They welcomed the launch of a USD 2.0 billion Infrastructure Debt Fund in India in March 2012, with the participation of Indian and U.S. financial institutions.

Both the leaders agreed to continue their dialogue later in the year in Washington DC.