Bilateral treaty critical for deepening India-U.S. economic ties

Monday, 28 April 2014, 10:04 Hrs
cmt right
Comment Right
cmt right
cmt right
Printer Print Email Email

WASHINGTON: A top U.S. diplomat has said a bilateral investment treaty, currently being negotiated, is critical for deepening India-U.S. economic ties, and asserted that the US is committed to work with India to fully unlock the true potential of the businesses.

"The U.S. is committed to working with India to fully unlock the true potential of our economic ties," assistant secretary of state for South and Central Asia Nisha Desai Biswal said in her key note address to the " FICCI-IIFA Global Business Forum" being held in Tampa on the sidelines of the IFFA Awards this weekend.

While the bilateral trade between the two countries has now reached $100 billion, Biswal said she believes that a target of $500 billion in bilateral trade is entirely possible.

"Currently, the U.S. and India are negotiating a BIT which will be critical to deepening our economic relationship, improving investor confidence, and supporting economic growth in both countries," Biswal said.

"A BIT will go a long way toward bringing our economies closer and reducing the friction that's only natural with two complex free-market systems such as ours. It will help us move past the choppiness that comes from not having an over-arching investment framework," she said.

"It will open up even more opportunities for American and Indian firms," said the top American diplomat.

She is the first Indian American to be made in charge of the South and Central Asia.

Bilateral investment flows have grown immensely with FDI into India from the U.S. reaching $28.2 billion last year, she said.

Cumulative Indian FDI into the U.S. has also grown remarkably, from a negligible $96 million in 2000 to $5.2 billion by 2012.

Source: PTI
GST rate cut to spur Bengaluru
The realty market in India's tech hub is set to grow as lower Goods and Services Tax (GST) rate..
SpiceJet plans aggressive
Budget passenger carrier SpiceJet plans to aggressively expand its international networks to fl..
Fossil Group sells smartwatch
Global watch and accessories maker Fossil Group has announced to sell its smartphone technolog..
Ola raises Rs 400 cr for electric
Leading ride-hailing cab aggregator Ola on Friday said it raised Rs 400 crore from its early in..