US industry urges Modi to provide a level playing field by accepting global FTA
Updated: Sep 10, 2014 03:53:40pm
New Delhi, Sept 10 (KNN) US manufacturers have welcomed Prime Minister Modi’s election victory as a critical chance to reboot a stalled but promising commercial relationship, said National Association of Manufacturers (NAM) Vice President of International Economic Affairs Linda Dempsey adding, “But actions speak louder than words, and, so far, India is pursuing business as usual.”
NAM is USA’s largest manufacturing industrial trade association, representing 11,000 small and large manufacturing companies in every industrial sector and in all 50 states.
In a statement assessing Indian Prime Minister Narendra Modi’s first 100 days in office, Dempsey said, “Manufacturers welcomed Prime Minister Modi’s election victory as a critical chance to reboot a stalled but promising commercial relationship. By breaking down trade and investment barriers and strengthening intellectual property protections, manufacturers saw the potential to drive economic growth and prosperity in both countries and revitalize a trade relationship that has been increasingly out of balance.”
“Prime Minister Modi quickly declared India ‘open for business’ and promised to ‘give the world a favourable opportunity’ to manufacture in India. He outlined a bold series of economic reforms and challenged his ministers to implement an aggressive 100-day agenda. In his July budget speech, his Finance Minister, Arun Jaitley, spoke of incentivizing overseas investment and announced plans to raise foreign investment caps,” she said in a NAM press statement.
“But actions speak louder than words, and, so far, India is pursuing business as usual,” Dempsey said. “Since May, it has blocked implementation of a global trade facilitation deal that would have contributed USD 1 trillion to the world economy by cutting unnecessary red tape at the border. It has raised tariffs and imposed burdensome new testing requirements for imports. It has taken no action to strengthen weak intellectual property protections or eliminate barriers to US exports.”
She said that the manufacturers remain hopeful that positive progress can be achieved. “As Prime Minister Modi prepares to visit the United States later this month, manufacturers urge him to take concrete steps to level the playing field and make bilateral trade and investment a two-way street. If India’s new leadership is serious about opening their economy for business, manufacturers in the United States stand ready to work with them.”
Prime Minister Modi’s government was sworn into office on May 26, 2014, and marked its 100th day in power on September 2. Along with its partners in the Alliance for Fair Trade with India, the NAM is urging the Indian government to eliminate discriminatory barriers that are harming US manufacturing and jobs, Demsey said. (KNN/SD)
NAM is USA’s largest manufacturing industrial trade association, representing 11,000 small and large manufacturing companies in every industrial sector and in all 50 states.
In a statement assessing Indian Prime Minister Narendra Modi’s first 100 days in office, Dempsey said, “Manufacturers welcomed Prime Minister Modi’s election victory as a critical chance to reboot a stalled but promising commercial relationship. By breaking down trade and investment barriers and strengthening intellectual property protections, manufacturers saw the potential to drive economic growth and prosperity in both countries and revitalize a trade relationship that has been increasingly out of balance.”
“Prime Minister Modi quickly declared India ‘open for business’ and promised to ‘give the world a favourable opportunity’ to manufacture in India. He outlined a bold series of economic reforms and challenged his ministers to implement an aggressive 100-day agenda. In his July budget speech, his Finance Minister, Arun Jaitley, spoke of incentivizing overseas investment and announced plans to raise foreign investment caps,” she said in a NAM press statement.
“But actions speak louder than words, and, so far, India is pursuing business as usual,” Dempsey said. “Since May, it has blocked implementation of a global trade facilitation deal that would have contributed USD 1 trillion to the world economy by cutting unnecessary red tape at the border. It has raised tariffs and imposed burdensome new testing requirements for imports. It has taken no action to strengthen weak intellectual property protections or eliminate barriers to US exports.”
She said that the manufacturers remain hopeful that positive progress can be achieved. “As Prime Minister Modi prepares to visit the United States later this month, manufacturers urge him to take concrete steps to level the playing field and make bilateral trade and investment a two-way street. If India’s new leadership is serious about opening their economy for business, manufacturers in the United States stand ready to work with them.”
Prime Minister Modi’s government was sworn into office on May 26, 2014, and marked its 100th day in power on September 2. Along with its partners in the Alliance for Fair Trade with India, the NAM is urging the Indian government to eliminate discriminatory barriers that are harming US manufacturing and jobs, Demsey said. (KNN/SD)
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