India, US to fast track bilateral investment treaty dialogue

Washington, June 23 (PTI) India and the United States
have agreed to fast-track technical negotiations for early
conclusion of a Bilateral Investment Agreement during a
meeting between Commerce and Industry Minister Anand Sharma
and US Trade Representative Ron Kirk.
"We agreed to re-invigorate the Trade Policy Forum (TPF)
and make it more robust and effective in resolving bilateral
commercial issues, while maintaining the political leadership
of the process," Sharma told Indian reporters after the
meeting yesterday.
"The two sides also agreed to fast-track the technical
negotiations for an early conclusion of the India-US Bilateral
Investment Agreement," Sharma said, adding there would be two
rounds of negotiations before the next meeting of the
ministerial level TPF, expected to be held in October, 2011,
in India.
Reaffirming that the TPF is the premier dialogue for
addressing trade and investment issues between the two
countries, a separate USTR statement said the two agreed that
the TPF should be strengthened to better facilitate resolution
of outstanding issues of concern and looked forward to a
constructive meeting of the TPF later this year.
"The booming bilateral trade and investment flows between
the United States and India support tens of thousands of
critical jobs in both countries and we know that will only
grow significantly in the coming years," Kirk said.
"However, to continue and grow our successes, both India
and the United States must take concrete steps to resolve
long-standing market access and investment concerns," he said.
Describing his meeting with Kirk as productive, Sharma
said the talks covered the entire range of issues in bilateral
trade and commercial engagement.
Sharma apprised Kirk of various policy approaches being
taken by India to sustain its high GDP growth and the
opportunities it offered for US businesses to develop
partnerships with the Indian private sector.
Sharma mentioned infrastructure, agriculture and agro
processing, food processing, cold chain logistics and
manufacture of electronic devices, including chip design, as
areas with bilateral cooperative possibilities.
He also raised issues of importance for the Indian
industry in their business operations in the United States.
The minister said the US welcomed the unilateral action
taken by India in reducing tariffs on a number of products,
including raw pistachios, cranberry products, seedless
raisins, processed foods, medical equipment, fertilisers,
chemicals and heavy machinery.
The USTR also appreciated India's efforts toward
increased cooperation in services and on improving the
investment environment, he said.
According to the USTR, the two leaders recognised the
challenges that remain in the ongoing discussions with regard
to the Doha Round, but expressed their commitment to exploring
options for productive next steps. PTI LKJ
KAP