| Commerce and Industry Minister Kamal Nath today called for an Indo-US bilateral agreement on services, asking why there should be such an agreement only at a multilateral level at the World Trade Organisation.
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| "Why not in an India-specific manner with the US? We need bilateral agreements to supplement multilateral trade," Nath said at the annual general meeting of the American Chamber of Commerce
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| Addressing a variety of issues, he said the government would soon initiate steps to further open up the mining sector to foreign direct investment.
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| He touched upon retailing as well, stating that opening the retail sector to FDI was being considered by the government.
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| Speaking on the occasion, Robert Blake, Charge D' Affaires of the US embassy, said India should allow foreign investors to participate directly in retailing as well as in real estate and services like accountancy and law.
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| He pointed out that though international retail giants like Wal-Mart bought billions of dollars worth of goods in India and sold them to consumers abroad, it was not permitted to sell the same goods in India.
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| The FDI policy in the banking sector was equally restrictive, Blake said.
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| "It features a five-year delay before the door is open to FDI. And there is no guarantee that will happen. It is unclear under what circumstances any domestic bank will be allowed to merge with a foreign partner," he said.
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| Blake also said that liberalising FDI in banking, insurance and pension fund management would bring in more capital, create a long-term credit market and provide financing for long-term infrastructure needs.
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| Speaking to reporters later, Blake said the US government was reviewing its decision to impose anti-dumping duties on Indian shrimp on account of the special circumstances created owing to the tsunami. |
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