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Home arrow Business News arrow India-US Trade Deal expected to boost Indian manufacturing and services
India-US Trade Deal expected to boost Indian manufacturing and services Print E-mail
Written by Anand   
Saturday, 20 March 2010
New Delhi: In order to facilitate trade and investment flows between the United States and India, Shri Anand Sharma, Union Minister of Commerce & Industry and US Trade Representative, Ron Kirk, have signed the India-US Trade Policy Forum Framework for Cooperation on Trade and Investment.

Both the Ministers also announced the launch of an initiative "Integrating U.S. and Indian Small Businesses into the Global Supply Chain." This initiative aims to expand trade and job-creating opportunities for U.S. and Indian small and medium-sized companies.

"By signing this Framework for Cooperation on Trade and Investment we want to create the right environment to ensure that the relationship brings maximum benefit to the maximum number of people. We will do so by promoting inclusive growth," Shri Anand Sharma said.

“Just as our strategic partnership has matured and grown, Indo-U.S. trade and investment has increased dramatically over the past 20 years,” Sharma noted. “We now seek collaboration focused on investment in India’s manufacturing sector and the build-out of the country’s infrastructure, shaping the country into a world-class manufacturing hub,” he added.

"We also intend to use this Framework to encourage the development and deployment of clean energy and environmental technologies as well as to support India's infrastructure growth," the minister said.

Underscoring the many opportunities for mutual and inclusive growth, USIBC President Ron Somers noted, "The next phase of the trade and investment relationship will feature the innovations of the Small and Medium Enterprise sectors in India and the U.S., where fresh ideas and technologies will spur economic growth in both countries. These companies will become more integrated into the global supply chain in the years to come and infuse new capital and energy into the U.S.-India partnership."

"We have recognized the contribution and potential of Small and Medium Enterprises in our Trade and Investment agenda by adopting the SME initiative to create fresh opportunities for small and medium enterprises in both the countries and help in integrating them in the Global supply chain," Sharma said.

During his interaction with USTR, Shri Sharma spoke about the benefits of commencing negotiations on a Totalization Agreement and added that due to the absence of such an agreement, Indian companies in the US were making double payments of social security, without getting any benefits. He also raised the issues of visas for Indian professionals, restrictive trade measures and the need for reform of US export controls to promote high technology trade between India and the US. He also addressed a meeting of the reconstituted Private Sector Advisory Group (PSAG) to the Trade Policy Forum. The members of the PSAG were tasked to work as implementing partners for initiatives undertaken by the Trade Policy Forum, including the new small business initiative.

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