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Both India and US are buckling up for enhancing their trade engagement to make best use of each other’s potential. The focus would be on priority sectors like science and technology, infrastructure, space research, energy, agro processing and improved technology collaboration.
Ron Kirk, the U.S. Trade Representative Ambassador, will visit New Delhi on October 26 to discuss about Indo-U.S. Trade Policy Forum. This decision was taken between Mr. Kirk and the Indian Union Commerce and Industry Minister Anand Sharma in Washington.
According to official data, in 2008-09 Indian investments in US surpassed that of U.S. investments in India. Sharma said intense steps needed to be taken to increase the economic involvement of both the nations.
Mr. Sharma and Mr. Kirk talked about the means to increase two-sided commercial deal between the nations with the help of an institutional framework. It was pointed out, “U.S. and India are working together to create greater opportunities for trade and investment”. The bilateral trade between the nations has exceeded $43 billion in 2008 making India the 18th biggest product supplier to the US market.
In the same manner, India was the 17th biggest exports market for the US. The combined statement recognized the value of the Doha Round talks that was held the previous week in Paris.
Mr. Sharma also pointed out the issues pertaining to visa that Indian professionals face while going on contractual assignments. He also discussed about the loss of discriminatory American market under the Generalised System of Preferences which had affected several labor oriented industries in India.
Mr. Kirk acknowledged India’s initiative in reviving the Doha Rounds by conducting the informal WTO Ministerial Meet in September. Both the ministers said that the meeting has helped in the progress of the negotiations. It also helped the negotiating leaders in Geneva to lay a clear road map ahead of the WTO Ministerial Meet expected to be held in November.
Mr. Sharma had also given a speech at the Global Services Summit hosted by the Coalition of Service Industries. The session referred to as “Services trade and investment: key to global economic recovery” was also attended by his counterparts from Australia, EU, Colombia and Panama. The Hindu
October 15, 2009
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