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India, U.S. To Review Trade Relations To Increase Market Access

Wednesday, 28 June 2017, 11:37 Hrs
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WASHINGTON: The United States and India plan to undertake a comprehensive review of trade relations to expedite regulatory processes and increase market access in areas such as agriculture, information technology, and manufactured goods and services, according to a joint statement.



The joint statement issued after talks between Prime Minister Narendra Modi and US President Donald Trump said that the two leaders committed that the US and India should intensify their economic cooperation to make their nations stronger and their citizens more prosperous.



The two leaders noted that extensive economic and tax reforms launched in their respective countries will unlock immense economic opportunities for both countries.



They expressed commitment to further expand and balance the trade relationship and remove obstacles to growth and jobs creation.



They also resolved to pursue increased commercial engagement in a manner that advances the principles of free and fair trade.



"To this end, the United States and India plan to undertake a comprehensive review of trade relations with the goal of expediting regulatory processes; ensuring that technology and innovation are appropriately fostered, valued, and protected; and increasing market access in areas such as agriculture, information technology, and manufactured goods and services," the statement said.



Trump and Modi expressed commitment to strengthening cooperation to address excess capacity in industrial sectors and called on their teams to find creative ways to improve bilateral trade.



The leaders affirmed the continued importance of their Strategic Energy Partnership and of leveraging new opportunities to elevate cooperation to enhance global energy security.



The leaders called for a rational approach that balances environment and climate policy, global economic development, and energy security needs.



Trump affirmed that the United States continues to remove barriers to energy development and investment in the United States and to US energy exports so that more natural gas, clean coal, and renewable resources and technologies are available to fuel India's economic growth.



"Prime Minister Modi and President Trump looked forward to conclusion of contractual agreements between Westinghouse Electric Company and the Nuclear Power Corporation of India for six nuclear reactors in India and also related project financing," the statement said.



Both leaders welcomed efforts towards expanding energy and innovation linkages across the energy sector and deepen cooperation, including on more efficient fossil fuel technologies, smart grids, and energy storage.



"They supported financing of energy projects, including clean coal projects, by Multilateral Development Banks to promote universal access to affordable and reliable energy," it said.



The leaders also agreed to strengthen their cooperation to address the growing threats and challenges from malicious cyber activity.



Trump welcomed India's formal entry into the International Expedited Traveler Initiative (Global Entry program) in order to facilitate closer business and educational ties between the citizens of India and the United States.



The statement said that Trump "gladly accepted" Modi's invitation to visit India.



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Source: IANS
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