U.S. and India Discussing Bilateral Trade Ties

Photo: Press Trust of India Mar. 19 – Frequent discussions between the governments of India and the United States continue to be productive as the two countries work towards achieving better economic and political ties.

India’s Commerce and Industry Minister Anand Sharma recently came back from a three-day trip to Washington where he participated in talks with leading U.S. trade officials, including U.S. Trade Representative Ron Kirk.

Discussions between Mr. Sharma and Mr. Kirk focused on trade and investment between the two countries, highlighted by the signing of the “Framework for Cooperation on Trade and Investment” by both officials on Wednesday.

The document focuses on private sector partnerships in the industries of “infrastructure, green technologies, geo-technologies, innovation, creating awareness on IPR; also for bilateral cooperation in energy, in information technology, environmental services industries and working to empower women and disadvantaged groups, and small and medium enterprise development,” Mr. Sharma said at a press conference in Washington.

Mr. Sharma also discussed India’s current plans to create national investment and manufacturing zones which the country hopes will generate more foreign interest in the country. The first of these zones will be in Rajasthan by the Delhi-Mumbai Industrial Corridor.

“I would like American businesses and Indian industry to come together to make India a manufacturing hub and one of the workshops of the world,” he added.

Indian Prime Minister Manmohan Singh has already visited his counterpart in Washington, being honored as the first foreign guest of U.S. President Barack Obama at the White House last year. President Obama has announced that he plans to travel to India either over the summer or early this fall.

“I believe through these meetings we have been able to build the groundwork of an excellent trade and commercial outcome for the forthcoming visit of President Obama to India,” Mr. Sharma said.

Trade between the two countries stood at almost US$40 billion in 2009. Both parties hope to increase that substantially over the coming years.