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U.S keen to increase hi-tech trade with India
By siliconindia
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Tuesday, 21 October 2003, 19:30 IST
MUMBAI: As part of the trade and security agenda, the US has spearheaded a major initiative with the Government of India to promote bilateral high-technology commerce.
Underlining the importance America attaches to stepping-up hi-tech trade with India, the US Undersecretary of State for Commerce, Kenneth Juster, told a Commerce Department conference of businessmen that a US-India High Technology Cooperation Group had been formed.
The group was designed to facilitate strategic trade and enhance controls to prevent the proliferation of sensitive goods and technologies.
The US has also signed with India a Statement of Principles on US-India High Technology Commerce, he said adding these principles included the need to address systemic issues inhibiting high-technology trade, such as tariff and non-tariff barriers in India.
"We also agreed to engage in outreach and trade promotion activities with regard to market opportunities, review US export control policy toward India, and work with India to enhance its export control and enforcement programmes," he said.
"India, as the world's largest democracy and a rapidly growing economy, presents an enormous market opportunity for the high- tech sector, and we would like to work with you to help realize this potential," he said.