US working to reduce trade & investment barriers with India

Washington, Feb 11: The United States has said it is working to reduce investment and trade barriers with India and Brazil, two of the world’s fastest growing markets.

The two countries present American exporters with significant opportunities and challenges, said Miriam Sapiro, Deputy US Trade Representative.

"As with China, we are working hard to identify, address, and reduce barriers to trade and investment between the United States and India and Brazil, two of the world's fastest growing markets," Sapiro said in her address to the International Alliance of Theatrical Stage Employees in Atlanta this week.

"Large and growing markets like China, India, and Brazil also present US exporters with significant opportunities and challenges. To be sure, each market presents different barriers to trade and investment," she said.

But, she added that emerging economies offer tremendous potential through access to billions of new customers.

The US, she said, is working to enhance trade with other developing countries and the next group of emerging economies.

"We will continue to strengthen export markets and enhance economic development throughout Africa, Asia, Latin America, and the Middle East," she said.

Sapiro said the US is leading multilateral efforts at the World Trade Organisation to strengthen the rules-based trading system and keep global trade flowing and growing.

In Geneva, it has been consistently emphasising three key points: the rules must be followed consistently and transparently; protectionism must be actively avoided; and it's time to recognise that emerging economic powers have commensurate responsibilities in the global trading system.

Noting that the WTO system has effectively staved off protectionism and enforced global trade rules, she said it provides the essential stability and predictability that export industries need to flourish in the global marketplace.

"The WTO TRIPS Agreement provides binding rules on IPR protection and enforcement, which contribute to that essential stability and predictability.

"In the WTO TRIPS Council where WTO countries come together to address IPR issues, the United States has vigorously championed efforts to combat piracy," she said.

Sapiro added, "To further strengthen the WTO, we are also assisting efforts to expand its membership."

PTI