India-US Trade Policy Forum Framework Signed

(PIB NEWS) Shri Anand Sharma, Union Minister of Commerce & Industry and US Trade Representative, Mr. Ron Kirk, has signed the India-US Trade Policy Forum Framework for Cooperation on Trade and Investment, in Washington yesterday. The Framework seeks to build on the success of the Trade Policy Forum by facilitating trade and investment flows between the United States and India. Both the Ministers also announced the launch of an initiative “Integrating U.S. and Indian Small Businesses into the Global Supply Chain.” This initiative aims to expand trade and job-creating opportunities for U.S. and Indian small and medium-sized companies. Speaking at the signing ceremony, Shri Sharma said, “By signing this Framework for Cooperation on Trade and Investment we want to create the right environment to ensure that the relationship brings maximum benefit to the maximum number of people. We will do so by promoting inclusive growth". We also intend to use this Framework to encourage the development and deployment of clean energy and environmental technologies as well as to support India's infrastructure growth. Further, we have recognized the contribution and potential of Small and Medium Enterprises in our Trade and Investment agenda by adopting the SME initiative to create fresh opportunities for small and medium enterprises in both the countries and help in integrating them in the Global supply chain." During his interaction with USTR, Shri Sharma spoke about the benefits of commencing negotiations on a Totalization Agreement and added that due to the absence of such an agreement, Indian companies in the US were making double payments of social security, without getting any benefits. He also raised the issues of visas for Indian professionals, restrictive trade measures and the need for reform of US export controls to promote high technology trade between India and the US. He also addressed a meeting of the reconstituted Private Sector Advisory Group (PSAG) to the Trade Policy Forum. The members of the PSAG were tasked to work as implementing partners for initiatives undertaken by the Trade Policy Forum, including the new small business initiative  In a meeting with US Agriculture Secretary Tom Vilsack, the two Ministers discussed cooperation in the field of agriculture that could be leveraged to strengthen agricultural productivity, and promote agro based industry in India. Later in the evening, Shri Sharma addressed the Brookings Institution on “Asia’s Unfolding Economic Saga – an Indian perspective”. The Minister spoke about the transformation of the global economy, the rise of Asian economies and concluded that their growth did not threaten any other country; on the contrary; this was good for world prosperity and financial stability.
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