SME Times is powered by   
Search News
Just in:   • Committed to nurture next-gen innovation in 6G technology: Jyotiraditya Scindia  • Europe facing earlier, stronger heatwaves: Climate scientist  • India and Namibia sign two MOUs in fields of health and entrepreneurship  • PM Modi arrives in Delhi after concluding 'productive and successful' 5-nation tour  • ASEAN to keep on consensus, inclusivity: Malaysian official 
Last updated: 27 Sep, 2014  

Us-India.Thmb.jpg India ready to discuss bilateral investment treaty with US

US-India flag
   Top Stories
» Committed to nurture next-gen innovation in 6G technology: Jyotiraditya Scindia
» Piyush Goyal holds talks with Malaysian minister on review of ASEAN trade pact
» India and OPEC have a unique and symbiotic relationship: Hardeep Puri
» SIP inflows hit all-time high in June, total AUM for equity MF at Rs 74.41 lakh crore
» India set to explore over 2.5 lakh sq kms area in one of largest offshore energy efforts
Arun Kumar | 15 Jul, 2013
As India woos American investors trying to dispel misperceptions about the business climate in India, New Delhi has signalled a readiness to begin talks with the US on a bilateral investment treaty.

"We have said that 'yes, we are ready to be in talks'. We have signalled our acceptance," Indian commerce and Industry Minister Anand Sharma told reporters Friday after meetings with US Trade Representative Michael Froman and other US officials.

"We would be definitely in favour of enhancing our economic partnership," throough BIT or a free trade agreement, he said at the end of a four-day US visit during which he and finance minister P Chidambram addressed US concerns about Indian policies in meetings with US lawmakers, officials and business groups.

Sharma said while no date had been set for the first round of talks on the BIT outlining the terms and conditions for US and Indian investment in each other's country, he and Froman had "agreed to have an uninterrupted dialogue on the ministerial level" on economic issues.

The India-US Trade Policy Forum, the premier bilateral forum for the discussion and resolution of trade and investment issues between them, would meet in New Delhi later this year.

Asked if the US-India Business Council's goal of boosting bilateral trade in goods and services to $500 billion annually in the next five years was a realistic target, Sharma said "if we make a real effort, we can reach it by 2020."

Though two-way trade between the two countries had risen to $106 billion annually, he said there was clear recognition on both sides that "our economic engagement though robust was still below potential."

India was far more welcoming of American business than believed here, Sharma said, and "we are doing everything to correct the perception."

To get that message across about ease of doing business in India, the National Manufacturing Policy proposes to raise the share of manufacturing from 16 percent of GDP to 25 percent of GDP in a decade.

The US and India, he said, had also agreed to work together to ensure that the December meeting of the World Trade Organization in Bali was a success.

"We have agreed to put together a work programme. We will work very closely with all our partners to get a broad consensus around the key issues of trade facilitation and food security," he said.

"We are for a healthy, positive and balanced outcome."

According to a statement from the USTR's office, in a separate meeting Froman and Chidambram too "discussed the value of strengthening cooperation between the United States and India on strategic economic issues, including through a potential US-India Bilateral Investment Treaty."

Froman, it said expressed appreciation for Chidambaram's efforts to address concerns about the investment climate in India, including through proposed reforms to lift foreign direct investment restrictions.

Froman, the statement said underscored the importance of avoiding policies that disadvantage foreign goods and services, and reiterated the US welcoming of news that India's Preferential Market Access Policy is to be reviewed and modified.
 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
84.35
82.60
UK Pound
106.35
102.90
Euro
92.50
89.35
Japanese Yen 55.05 53.40
As on 12 Oct, 2024
  Daily Poll
Do you think Indian businesses will be negatively affected by Trump's America First Policy?
 Yes
 No
 Can't Say
  Commented Stories
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter