Decisions taken by India & US to enhance bilateral trade: industry body
Updated: Jan 27, 2015 12:42:11pm
New Delhi, Jan 27 (KNN) Bilateral trade between India and US is likely to enhance greatly from the current USD 100 billion to USD 500 billion owing to the decisions taken during President Obama’s visit to India, said FICCI President, Dr Jyotsna Suri.
“Our current bilateral trade stands at around USD 100 billion and the trade target that has been set by two sides is USD 500 billion. We are sure that the decisions taken by the two sides and the progress made across areas will move us in the direction of strongly enhancing our bilateral trade,” said a FICCI release on Monday on the key takeaways from the recent visit of President Obama.
“We also saw the two sides commit themselves to renewing talks on the Bilateral Investment Treaty and taking forward the much desired Social Security Agreement. We feel extremely encouraged by these ongoing discussions as these will enhance the role of the US in supporting our national development priorities and be our partner in progress,” Dr Suri said.
Suri commented on the bonhomie between President Obama and Prime Minister Modi which would go a long way in further strengthening India-US relations. In fact, India and the US are scripting new bilateral relations and decisions arrived at during this visit will elevate our engagement to a new high.
Further, India and US have broken the impasse over the civil nuclear deal. Understanding developed between the two sides will lead to operationalization of the civil nuclear cooperation agreement. This is a huge positive and the biggest takeaway from this visit, FICCI president said.
In addition, both sides have decided to renew the defense framework agreement for the next ten years as well as operationalize Defense Technology and Trade Initiative (DTTI) with focus on co-development and co-production in India not only for Indian market but also for global market.
“We hope this will lead to technology transfer from the US to India in the crucial defense sector and give a big boost to Prime Minister Modi’s ‘Make in India’ program,” Suri said.
Another area of cooperation is clean energy which is not just a national priority for India and US but also a personal priority for both leaders.
“Indian industry has been working towards advancing the case of adoption of clean energy and we see US extending support to us in this field as well. We hope that both in terms of sharing experience on innovative financing mechanisms as well as cutting edge technologies, US will support India even more after this dialogue,” she added. (KNN Bureau)
“Our current bilateral trade stands at around USD 100 billion and the trade target that has been set by two sides is USD 500 billion. We are sure that the decisions taken by the two sides and the progress made across areas will move us in the direction of strongly enhancing our bilateral trade,” said a FICCI release on Monday on the key takeaways from the recent visit of President Obama.
“We also saw the two sides commit themselves to renewing talks on the Bilateral Investment Treaty and taking forward the much desired Social Security Agreement. We feel extremely encouraged by these ongoing discussions as these will enhance the role of the US in supporting our national development priorities and be our partner in progress,” Dr Suri said.
Suri commented on the bonhomie between President Obama and Prime Minister Modi which would go a long way in further strengthening India-US relations. In fact, India and the US are scripting new bilateral relations and decisions arrived at during this visit will elevate our engagement to a new high.
Further, India and US have broken the impasse over the civil nuclear deal. Understanding developed between the two sides will lead to operationalization of the civil nuclear cooperation agreement. This is a huge positive and the biggest takeaway from this visit, FICCI president said.
In addition, both sides have decided to renew the defense framework agreement for the next ten years as well as operationalize Defense Technology and Trade Initiative (DTTI) with focus on co-development and co-production in India not only for Indian market but also for global market.
“We hope this will lead to technology transfer from the US to India in the crucial defense sector and give a big boost to Prime Minister Modi’s ‘Make in India’ program,” Suri said.
Another area of cooperation is clean energy which is not just a national priority for India and US but also a personal priority for both leaders.
“Indian industry has been working towards advancing the case of adoption of clean energy and we see US extending support to us in this field as well. We hope that both in terms of sharing experience on innovative financing mechanisms as well as cutting edge technologies, US will support India even more after this dialogue,” she added. (KNN Bureau)
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