Clinton pushes India on market access

Calcutta News.Net
Tuesday 19th July, 2011

U.S. Secretary of State Hillary Clinton on Tuesday urged India to open markets faster, as American companies hope to make billions of dollars in new businesses.

Clinton said that the economic ties should be growing faster and deeper given India's 1.6 trillion dollar economy and felt the market barriers, as hurdles hampering the progress.

"We think as much progress as we have made, both United States and India can take further steps to reduce barriers, open our markets and encourage new business partnerships to create jobs and opportunities for millions of our people, while strengthening both of our nations' economic competitiveness," said Clinton, while addressing a joint news conference that she held along with the Indian Foreign Minister
S.M. Krishna in New Delhi.

Clinton opened high-level U.S.-Indian talks with a polite but firm push for New Delhi to get moving on key economic issues as both sides seek to firm up a relationship that thus far has promised more than it has delivered.

The global economic slowdown has driven U.S. and European companies to look for sales in emerging markets like India.

Clinton further stressed on deepening security cooperation with India, which range from intelligence sharing on terror networks to joint efforts against maritime piracy.

She emphasized that arms sales, too, are part of the equation, saying India, seen as one of the world's biggest defence buyers in coming years, could further improve U.S. military cooperation by buying more U.S. weaponry.

"On security co-operation we are deepening and expanding our efforts and making great strides together on behalf of counter-terrorism, but also with respect to maritime security. We believe strengthening our military to military ties including the sale of defence technologies will assist the Indian and American militaries to work together in a constructive way on everything from patrolling the seas, combating piracy, providing relief to the victims of natural disasters," said Clinton.

Krishna also echoed her sentiments, saying there was a need for further expansion.

He also raised the concerns of the Indian IT companies in dealing with the United States.

"We also acknowledge that there is enormous potential for further expansion. We have agreed to resume negotiations and bilateral investment treaties. I also took the opportunity to convey to Secretary Clinton the concerns of our IT companies in sending their professionals to execute projects and conduct businesses in the United States. I highlighted the Indian IT companies are contributing to the U.S. economy through investments, employment and supporting U.S. competitiveness," said Krishna.

Clinton will visit Chennai on Wednesday, the hub of high-value American investments, and then head to Bali, Indonesia, the following day to attend the meeting of foreign ministers of the ASEAN Regional Forum (ARF).

Earlier in the day, Clinton also met Indian Finance Minister Pranab Mukherjee with an aim to foster close economic ties.

She also attended a conference organised by the US-India Business Council (USIBC), which saw the participation of senior US government officials, as well as Indian and American business executives.

Several American companies have expressed their interest to invest USD one trillion in India's infrastructure sectors during the 2012-17.

During the 2005-2009 period, Indian investment in the US grew by an annual 35 per cent and created thousands of jobs in America. (ANI)

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