Be part of India's growth story, U.S. business urged

Be part of India's growth story, U.S. business urged

Friday, 24 June 2011, 08:48 Hrs
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WASHINGTON: A U.S. India trade group has called on American policymakers to strengthen trade relations with India or face the risk of being left behind in sharing the fruits of India's growth story.

"India's growth story is compelling nations around the world to seek stronger commercial ties with India by negotiating their own trade and investment agreements," said Harold "Terry" McGraw III, who chairs the the US-India Business Council (USIBC), Thursday.

"The United States and American companies are at risk of being left behind and extending a period of low, slow economic growth if we do not do more to foster trade and investment between the US and India," said McGraw, Chairman, President and CEO of The McGraw-Hill Companies.

"The priority is to deliver on a US-India Bilateral Investment Treaty (BIT) that incentivises greater two-way foreign direct investment. USIBC calls upon both governments to re-energize BIT discussions, by re-engaging in technical discussions, as soon as possible," said USIBC president Ron Somers at a conclave of US and Indian business leaders.

Urging a serious evaluation of a more specialised bilateral a economic arrangement with India, USIBC announced it will take the lead to develop a working group with Indian counterparts to study the elements needed for making it successful.

The group will look into details about market access in goods, the free flow of services, regulatory coherence, high technology trade, intellectual property rights, procurement, and greater movement of professional workers.

McGraw called on business and government leaders in both countries to find ways to work together to build on that momentum and create new economic growth that will lead to more jobs.
Source: IANS
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