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India - U.S. Economic Cooperation


India - U.S. Economic Cooperation

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Prime Minister Manmohan Singh visited Washington, D.C. recently for the first official state visit of the administration of President Barack Obama. During this visit, the United States and India made significant progress in their economic relationship.

The United States, the world's largest economy, and India, one of the world's fastest growing economies, are committed to working together to stimulate a global economic revival, to strengthen global and financial institutions, to work toward a balanced and ambitious outcome in the Doha Round negotiations, and to promote global food security.

On November 23, the United States – India CEO Forum brought together leaders of the U.S. and India business communities with senior government officials. Forum members discussed ways of promoting public and private sector cooperation to strengthen economic and commercial ties between the 2 nations.

U.S. Trade Representative Ron Kirk and Indian Minister of Industry and Commerce Anand Sharma opened discussions on a "United States – India Framework for Cooperation on Trade and Investment" during the Trade Policy Forum on October 26 in New Delhi. Work under this Framework would encourage the expansion of bilateral trade and investment opportunities.

U.S. Secretary of Agriculture Tom Vilsack and Indian Deputy Chairman of the Planning Commission Montek Ahluwalia met and renewed their commitment to work together bilaterally, and in cooperation with other countries, using the principles and objectives agreed at the L' Aquila G-8 Summit. They also agreed to launch a new Agriculture Dialogue and agreed on a Memorandum of Understanding on Agricultural Cooperation and Food Security.

In August, the U.S. and India launched negotiations on a Bilateral Investment Treaty to ensure protection for investors and facilitate invest flows between both countries.

The U.S. Department of Commerce International Trade Administration and India's Ministry of Commerce of Industry Department of Industrial Policy and Promotion signed a memorandum to facilitate foreign direct investment in their respective countries by investors of the other country.

U.S. Secretary of the Treasury Tim Geithner and India's Finance Minister Pranab Mukherjee will establish a new partnership to strengthen bilateral engagement on macroeconomic, financial sector, development, and infrastructure related issues.

The announcement was made November 24 during Prime Minister Manmohan Singh's state visit to the United States. Secretary Geithner will visit India in early 2010 for the Partnership's launch with Finance Minister Mukherjee and other Indian officials.

The U.S. Patent and Trademark Office and India's Ministry of Commerce and Industry signed a memorandum renewing bilateral cooperation in the field of intellectual property.

"As leading economies," said President Obama, "the United States and India can strengthen the global economic recovery, promote trade that creates jobs for both our people, and pursue growth that is balanced and sustained."

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