The rapid economic growth in Asia and improvement in regional trade linkages present an opportunity to expand the economic pie.
The rapid economic growth in Asia and improvement in regional trade linkages present an opportunity to expand the economic pie, creating additional growth for all, said Under Secretary for Economic Growth, Energy, and the Environment Robert Hormats during a recent visit to India.
“Nations like [the United States] can seize this opportunity to develop new . . . . cooperative relations with emerging economies to increase trade, encourage closer cultural ties, boost energy production and reliability, address environmental challenges, and improve global stability. We seek new partnerships to address the needs of the 21st century,” he said.
And the burgeoning U.S.-India economic relationship can serve as a prime example of how this is unfolding, because “the depth and breadth of U.S.-India ties make this relationship a model for discussing Global Partnerships for Enduring Growth.”
The United States seeks to expand ties with India, as bilateral U.S.-India trade is quickly approaching $100 billion. These ties make geo-strategic and geo-economic sense, benefitting citizens from both countries.
Today, the infrastructure necessary for long-term, robust economic growth is being built. For example, a strong intellectual property rights system is of utmost importance to both countries, in order to protect and encourage innovators and assure them that their bright ideas will be protected from theft.
At the same time, the two governments are negotiating a Bilateral Investment Treaty that will protect investors in both countries and collaborating on innovative solutions in agriculture, clean energy, science and technology.
And more and more, American and Indian citizens are forming their own city-to-city and state-to-state partnerships. Recently, the Chief Minister of Madhya Pradesh visited the United States to describe his state’s ambitious agriculture reforms, while the governor of Washington State has established new partnerships with India in the areas of energy, life sciences, and film.
“We have the opportunity to establish a framework for enduring growth for our two countries,” said Under Secretary Hormats. “And all of our countries together need to establish a series of bilateral and regional partnerships for Central Asia, for East Asia, and for connections between them. Now each of us individually - and all of us – need to take the next steps to ensure that this process continues and strengthens.”