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2014-12-04

Obama Administration looks to strengthen India-US economic ties in 2 years

The partnership would encourage greater opening of India’s economy to the US firms

Over the next two years, the Obama Administration would focus significantly on strengthening India-US economic and financial partnership, and support the reform efforts of the Indian government, says a PTI report, citing a statement from a US official.

The official also said that the partnership would encourage greater opening of India’s economy to the US firms and further improve the climate for US investment in the country.

“Over the next two years, we plan to focus significant attention on the US-India Economic and Financial Partnership – the US Treasury’s main vehicle to engage on economic issues with India,” a official said.

“Through this Partnership, we will support India in its growth and reform efforts and encourage the greater opening of India’s economy to the US firms,” Treasury Under Secretary Nathan Sheets told PTI.

“We can create new growth and employment opportunities in the United States by further opening this growing market for US exports, improving the climate for US investment in India, and levelling the playing field for US companies,” he said.

“For India, faster growth, deeper financial markets, and greater openness to trade and foreign investment promise to raise incomes, reduce poverty, and bring many more Indians into the global middle class,” he added.

The PTI report further stated the top Treasury official said the US has an important window of opportunity to deepen its economic engagement with India.

“India and its people share with the United States an entrepreneurial spirit, a commitment to a vibrant private sector, and a record of economic growth built largely on domestic demand,” Sheets said.

“We are committed over the next two years to finding ways to continue to strengthen our bilateral relationship with China – such as by advancing negotiations on a high-standard bilateral investment treaty – and to work together in multilateral settings,” he concluded.

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