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One of the topnotch US trade officials, Ron Kirk said that the United States is looking for India to make its financial sector more liberal and better its intellectual property rules to facilitate the flow of trade and investment in the nation.
He also added that there was a possibility of signing the Doha world trade treaty by the set goal of the end of the year 2010, but that depends on the nations now and the demands that will be put on the table.
The US has said it cannot accept a Doha agreement, still not ready after eight years, until other nations adopt more liberalized stance towards opening their services trade further.
Kirk visited New Delhi to meet Trade Minister of India Anand Sharma and business giants to find a means to increase trade ties in the backdrop of the financial meltdown.
He said, "We would also like to see more improvement and openness in the investment environment for U.S. businesses in India". "The outstanding issues which the United States has asked for more attention including improving its intellectual property rights regime."
Kirk informed that trade between the 2 nations had increased double fold in past three years. He along with Sharma talked about the means to better trade and investment in sectors like infrastructure, information technology, education, healthcare and energy.
Exports from India to the US stood at $20.7 billion or 12.7% of its overall exports in 2007/08. Imports accounted for $21 billion in the same period.
Kirk revealed, "The U.S. has long sought greater access to the Indian market and the financial services market". He added that India have to liberalize rules to make way for US banks to set up more branches.
India does not allow foreign banks to grow in the nation. New Delhi also has put the limit on foreign investment in insurance to 26% and is still in the process to establish its pension sector.
The Indian government statistics show that U.S. firms made an investment of $32 billion in India between the periods April 2000 and July 2009. This accounts for 8% of the overall foreign direct investment (FDI) inflows to India. Reuters
October 26, 2009
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