US, India tighten trade relation
US: The United States and India signed an agreement Wednesday
to strengthen trade and investment ties, concluding a deal that leaders
of the two sides announced last year.
US Trade Representative Ron Kirk and Indian Minister of Commerce and
Industry Anand Sharma signed a “Framework for Cooperation on Trade and
Investment” in Washington.
This agreement will encourage small businesses in both countries and
boost cooperation on clean energy technologies.
“There is almost limitless potential for growth in trade between our
two countries,” Kirk said, “and that can contribute to economic recovery
and job creation in the United States and continued economic growth in
India.”
“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,” Sharma said.
Trade between the two economic powers has more than doubled in the
last five years to more than 37.6 billion dollars in 2009. Sharma said
the possibilities for trade between the United States and India “have
not been tapped fully as yet.” US President Barack Obama has pledged to
double US exports within the next five years, and the administration
hopes to use India’s fast growing economy to help meet that goal.
Kirk and Sharma announced their intent to finalize the “ Framework
for Cooperation on Trade and Investment” when they co- chaired the
US-India Trade Policy Forum meeting in New Delhi in October 2009.
The United States-India Trade Policy Forum (TPF), established in July
2005, is the principal bilateral forum for the two governments to
discuss the entire spectrum of trade and investment issues. Washington,
Thursday, Xinhua |