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| India, US agree to ink three pacts |
| BS Reporter / New Delhi Oct 27, 2009, 01:11 IST |
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India and the US have agreed to sign three comprehensive pacts to put a greater thrust on the areas of trade, investment and intellectual property rights. Both sides have also agreed to strengthen bilateral relations by opening markets for agricultural and industrial goods and relaxing the visa regime.
These issues, discussed in the sixth ministerial meeting of the US-India Trade Policy Forum, would also be taken up by Prime Minister Manmohan Singh during his forthcoming visit to Washington later this month. “We have raised issues where there is more room for improvement in our bilateral discussion and where the US wants India to pay more attention. These include an improved intellectual property rights regime for entrepreneurs and investors of both India and the US,” visiting US Trade Representative Ron Kirk told reporters here today.
Kirk also expressed concern over India’s stringent investment regime and urged greater liberalisation of trade and services for certain key sectors. During the day, he also met several business and Indian industry leaders to seek ways to boost trade between the two countries.
The US has also urged greater access to the Indian market for its agricultural products, such as pistachio, and financial services. Kirk raised the issue that while Indian mangoes were now being exported in large quantity to the US, not a single Harley Davidson — the iconic US motorbike — was sold in India.
“In the much talked about example, we opened up our agricultural market for Indian mangoes, which freely flow into our country. In return, we had hoped to export pistachios, a very strong staple of your diet not grown domestically, and our high-end motorcycles. Today, not one Harley Davidson motorcycle has been sold in India,” he said.
Kirk also said there were high possibilities of bringing the impending Doha round of global trade talks to a successful conclusion within the set target of 2010. He, however, said it would not be possible if developing countries like India did not open their trade and services sectors.
India, on its part, raised the question of liberalising the visa regime for Indian IT professionals. Commerce and Industry Minister Anand Sharma said the agreement on trade and services would be given priority and would be signed soon. “We are working on fast-tracking the agreement on trade and services,” Sharma said, adding that the objective of the agreement on IPR would be to provide “comfort and reassurance” to the companies and investors of both the countries.
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