Trade Agreements between US and India
According to the Office of the United States Trade Representative, India and America signed a trade agreement known as the Framework for Cooperation on Trade and Investment in March 2010. The agreement between the two countries was signed by US Trade Representative, Ron Kirk and Indian Minister for Commerce and Industry, Anand Sharma. The main aim of the agreement was to strengthen the bilateral cooperation between America and India, and also help in building strong ties on the trading activities between the two nations.
While launching the trade agreement, Ambassador Kirk and Minister Sharma announced the launch of an initiative known as, ‘Integrating US and Indian Small Businesses into the Global Supply Chain.’ The initiative’s goal is to aid the expansion of trade and opportunities for job creation for Indian and United States’ companies, both big and small. Besides, it would also offer direct support to the National Export Initiative and budget initiatives that were introduced by President Obama and Prime Minister Singh respectively.
While signing the trade agreement, Kirk pointed out that there is unlimited potential for growth between India and the US, and that the trade agreement would be a great way of economic recovery and job creation for the two nations. He went ahead to say that great potential can be realized through working together towards the goals set forth in the agreement like development and enforcement of policies that encourage technological innovation, industrial goods, increasing agriculture, services and increasing flow of investments.
On his part, India’s Minister for Commerce and Industry noted that trade and investments between the two nations has been steadily growing and is on a broad balance. As a result, the two nations have been able to register significant benefits. However, he was also quick to point out that the numerous synergies which link the two economies had not been fully tapped. By signing the trade agreement, the two nations created the right environment for maximum benefits. He also revealed that the trade agreement had adopted an SME initiative that would work greatly towards the creation of fresh opportunities for both small and medium enterprises in America and India. Besides, it would also important towards the integration of the enterprises in the Global supply chain.
Under the ‘Framework for Cooperation on Trade and Investment, the two nations’ main goal was to meet the objectives of development and enforcement of trade policies and foster a trade-enhancing environment. Some of the areas that are covered by the agreement are increasing opportunities for partnerships in infrastructure projects in the private sector, enhancing IPR awareness and enforcement, promoting increased bilateral cooperation in the healthcare, information technology, education, environmental and energy sectors. Besides, it also looks towards the empowerment of women and marginalized groups and SME development.
The Trade Policy Forum (TPF) for India and the United States established in 2005 is the principal bilateral forum that the two governments can use in discussing trade and investment issues.
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