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| 'Recovery fragile, sustained global support required' |
| Hillary Clinton & S M Krishna / Jun 06, 2010, 00:09 IST |
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Trade and Economic Relations
External Affairs Minister S M Krishna and US Secretary of State Hillary Clinton, though encouraged by signs of global economic recovery, recognised that the recovery was fragile and required sustained international support, including thorough concerted efforts by G-20 countries and continuing openness in trade policies and promoting innovation and growth. They looked forward to the next meeting of the G-20 in Canada. They called for a balanced and ambitious conclusion to the Doha Development Round, consistent with its mandate. As members of the G-20, they agreed to advance the G-20 understandings, including with regard to energy security and resisting protectionism in all its forms.
Krishna and Clinton noted that both the governments had taken steps to strengthen their bilateral engagement and understanding in three broad areas - macroeconomic policy, the financial sector, and infrastructure financing - through the launch of a new Economic and Financial Partnership' between India's Ministry of Finance and the Department of the Treasury in April 2010. The partnership is intended to help both countries promote strong, sustainable, and balanced growth, as well as share experiences on infrastructure financing and financial sector regulation.
They also took note of the accelerated work under the US-India Trade Policy Forum (TPF), led by the US trade representative and India's minister for commerce and industry. One key result was the signing of a 'Framework for Cooperation on Trade and Investment' in March 2010 which, uniquely, is expected to contribute to realising the further potential in bilateral trade and investment, supporting job creation in both countries.
High Technology
Krishna and Clinton underlined the importance of facilitating cooperation in strategic and high-technology sectors such as through the 7th meeting of the High Technology Cooperation Group in Washington in March 2010 as a key instrument to achieve the full potential of the strategic partnership. Krishna and Clinton confirmed the shared objective of a strong 21st century partnership in high technology. They committed to approach the issue of export controls in the spirit of the strategic partnership between the two countries.
Energy Security, Clean Energy and Climate Change
The US and India have taken crucial steps towards full implementation of the civil nuclear cooperation. Krishna and Clinton reiterated that nuclear energy can make a significant contribution to building a sustainable and clean energy future. They highlighted the Civil Nuclear Energy Cooperation Action Plan recently signed by the two countries.
They welcomed the successful conclusion of negotiations on the arrangements and procedures agreed between the US and Indian government, pursuant to Article 6(iii) of the India-US Agreement Concerning Peaceful Uses of Nuclear Energy, which sets forth the arrangements and procedures for India's reprocessing of US-obligated spent nuclear fuel.
Krishna and Clinton discussed the progress on energy and climate change issues since the signing of the US-India Memorandum of Understanding on Energy Security, Clean Energy, and Climate Change. They stressed that the Clean Energy and Climate Change Initiative they finalised last year would contribute to achieving sustainable development and a clean energy future for the people of both countries. The goal of establishing a Joint Clean Energy Research Center and accelerating collaborative efforts to deploy clean energy technologies in both countries remains a priority.
They reiterated that the "Partnership to Advance Clean Energy," to be launched by both the countries to take full advantage of multi-agency coordination and engagement with the private sector, constitutes an important step forward in developing and deploying clean energy.
Excerpt from the text of the Joint Statement signed by US Secretary of State Hillary Clinton and Indian Foreign Minister S M Krishna after the US-India strategic dialogue in Washington, US, June 1-4, 2010.
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