Indian-US trade to get momentum

New Delhi, Mar 2 (UNI) India and the United States today agreed to intensify efforts to develop a bilateral business climate supportive of trade and investment by initiating a series of measures between the two countries.

In a Joint Statement issued after Prime Minister Manmohan Singh and US President George W Bush held talks on wide ranging issues, both the countries agreed to advance mutually beneficial bilateral trade and investment flows by holding a high-level public-private investment summit this year.

It was decided to continue efforts to facilitate and promote foreign direct investment and eliminate impediments to it, enhancing bilateral consultations on various issues including tariff and non-tariff barriers to trade in goods and services, and preventing the illicit use of the financial system.

The statement welcomed the report of the US-India CEO Forum, agreeing to consider its recommendations aimed at substantially broadening our bilateral economic relations, and directing the Chairs of the Indo-US Economic Dialogue to follow up expeditiously with the CEO Forum.

Both the countries endorsed the efforts of the US-India Trade Policy Forum to reduce barriers to trade and investment with a goal of doubling bilateral trade in three years.

UNI SH KK KP1818