New York: Indo-US economic partnership is the strongest it has ever been, according to the top US trade official, who said the Trade Policy Forum set up during Prime Minister Manmohan Singh’s visit to Washington in 2005 has achieved “results” through government-to-government dialogue.
“The US-India economic partnership is strongest it has ever been and trade has played a vital role in that development,” United States Trade Representative Susan C Schwab said at the first meeting of the US-India Trade Policy Forum’s Private Sector Advisory Group (PSAG) on 24 September.
“Results have been achieved by Trade Policy Forum’s government-to-government dialogue,” she said. Commerce Minister Kamal Nath and Schwab, who co-chair the Forum, asked the PSAG to consider “incremental steps” both US and India can take to overcome obstacles to unfettered trade and investment.
The Group needs to make recommendations keeping in view where the two nations want to be in two to five years, they said. “I look forward to taking on board PSAG’S recommendations for intensifying trade and investment flows,” Schwab said.
The group will hold its next meeting in India. Nath said the PSAG provides an opportunity on an institutional basis to identify “areas of mutual interest impacting bilateral trade.”
Nath later told reporters that the Group will consider areas of concern on both sides. Giving an example, he said one area of concern for New Delhi is that American banks have opened several branches in India but Indian banks have not been able to do so in America.