India, US seeks broader economic cooperation
Tuesday, 07 December 2004, 20:30 IST
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NEW DELHI: India Tuesday said that efforts were being made at the political level to remove roadblocks to enhancing economic and commercial relations with the US and attract more investment. India and the US are working towards a "unique relationship" under the Next Steps in Strategic Partnership (NSSP) formed early this year, Foreign Secretary Shyam Saran said here at the ongoing India Economic Summit 2004 organised by the Confederation of Indian Industry (CII). "We are looking at common goals in non-proliferation, civilian nuclear energy, defence, and high-technology collaboration," said Saran. "At the political level we are trying to remove the roadblocks to attract US interest to invest in areas requiring technology transfer." To push ahead the ongoing economic dialogue an expert group has been set up that is headed by Deputy Chairman of Planning Commission Montek Singh Ahluwalia and includes Saran. Under phase one of the NSSP, the high-tech group has so far identified IT, research and development in biotechnology, doing clinical trials, outsourcing in space and defence, including setting up design and manufacturing facilities in India. "Given the range of interaction and number of things happening, the changes in the US administration do not fill us with any doubt or uncertainty," said Saran, speaking on the growing India-US relations. While admitting to some constraints to investment flow from the US, Saran said the relationship between the two countries has reached a level of predictability and stability. "We are looking at many possibilities in economic and commercial cooperation with the US. While there are some rigidities in the Indian side making entry of investors more difficult than in China, all those who have entered India are making money unlike many who have entered China," Saran said pointing to the panel of experts and delegates from overseas. Foreign experts including Lewis B. Kaden, partner of the US Steering Committee TPF, Davis Polk and Wardwell, and Michael J. Elliott, editor of Time Asia, shared the views of Saran that the US-India relations are evolving with "some great transformations still in the works." James H. Goodnight, CEO and co-founder of the US-based SAS Institute, pointed out that currently US exports to India are but one percent of American imports from India. This, according to the US State Department, is mainly due to the outdated regulations and bureaucratic hurdles, he said. "It is incumbent on politicians on both sides to ensure free and fair trade," said Goodnight.
Source: IANS
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