What the U.S. Trade Body Wants From the New Indian Govt
USIBC encourages a dialogue between industry and the two governments to address how a constructive approach can protect Intellectual Property Rights while addressing some of the concerns of the Indian government regarding access, she said. "We look forward to supporting an increased defense trade relationship. “Just over 10 years ago our defense trade was next to nothing. “Now it is nearly $12 billion," she said. "This is not a one way street, either. “In addition to joint military exercises, we are engaged in true cooperative defense production through the recent Defense Trade and Technology Initiative, which will enable our two industries to jointly produce defense equipment for use by both militaries," Farrell said.
She said that USIBC, which has formed the 'Coalition for Jobs & Growth' committed to America's growing needs for high-skilled talent in IT, hopes to see progress on longstanding legacy issues, including quick passage of the insurance bill to raise the 26 percent foreign direct investment limit to 49 percent that will help fund India's massive infrastructure build-out. "We also look forward to resolution of issues surrounding the fulfillment of FDI in multi-brand retail. “It is important to note that our energy partnership in particular has expanded dramatically in recent years," she said. "Ironing out key hurdles on both sides, including the implementation of the Civil Nuclear "Agreement and the approval of additional projects seeking to export liquefied natural gas to India, will allow this partnership to continue to thrive," Farrell said.
Looking farther ahead, she said USIBC strongly believes it is important to look beyond transactional discussions regarding trade to generate momentum toward a bilateral investment treaty. "Such a treaty could help facilitate two-way investment in infrastructure and other areas where capital outlay is welcome and would provide protections to Indian and American companies as they expand investments overseas," she argued.
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