Corporate America urges Obama Administration to embrace India

From Lalit K Jha
Washington (PTI) - As India's top Cabinet Ministers
and industry leaders landed in Washington for crucial talks
with their US counterparts, Corporate America urged the Obama
Administration to embrace India as a knowledge partner.
"India's leadership has arrived in the US this week.
American business and government officials should reach out
and remind them of the promise of the US-India partnership --
a close friendship that will shape the economic destiny of the
21st Century," said Ron Somers, the President of the US-India
Business Council Wednesday.
"We must embrace India as our knowledge partner by
endorsing movement of technical professionals, an activity
essential to our common, bright future," he said.
"Acknowledging that American companies can more
effectively compete on the world stage by teaming with their
Indian counterparts is a smart way to start this constructive
conversation.
"Such knowledge partnering will propel growth, enabling
our companies to maintain their primacy. A 'win-win' dynamic
of job creation will accrue to both sides," Somers said.
Somers reminded the American leadership that India is
implementing bilateral trade agreements with several
countries, which would result in lost opportunities for US
firms unless steps were taken.
"A deal with Japan went into force in August. South Korea
and Singapore, too, have executed agreements with India, while
negotiations with Australia, Canada, and New Zealand continue.
An expansion of an agreement with ASEAN is in the offing.
Never to be accused of thinking small, India is pressing ahead
to negotiate an FTA with Europe. The point: India's trade
agenda is really on the move," he said.
"This leaves us in a quandary, as even clearing the
pending FTAs with Columbia, Panama, and Korea proves
difficult. By not moving forward, American businesses stand to
suffer even more than they already have.
"Magnify this ten-fold or more relative to India and just
imagine the lost opportunity as other economies pair up with
the world's largest free-market democracy, leaving the US
behind," Somers said.
Observing that the November, 2010, India visit of US
President Barack Obama was historic, Somers said to take the
relationship to an entirely new level, the next step should be
to forge a Bilateral Investment Treaty (BIT) between the
countries.
"This will protect US investment into India, where our
firms can tap into India's vast market, while providing an
incentive for Indian investment flowing into the United
States," he said.
In this regard, Somers cited Reliance Industries'
investment in Pennsylvania and Texas, as will Essar's USD 1.5
billion investment in Minnesota and West Virginia.
The Tata Group will also be more inclined to increase
investment in the US, as will Wipro, Mahindra, Infosys,
Wellspun, Ranbaxy, Thermax and a dozen other companies, the
USIBC President said.
"A BIT between the two countries will facilitate greater
two-way opportunity for investment, leading to export-led
growth and jobs for both sides," Somers said.