US remains 'absolutely committed' to India

McCormick, who was speaking at a luncheon meeting hosted by the US India Business Council for a CEO delegation from India under the aegis of the Confederation of Indian Industry led by K V Kamath, said:"there are so many dimensions of the relationship that are so important.. There is much to be optimistic about."     

"The United States remains absolutely committed to a bilateral investment treaty with India and we appreciate the response of the Indian government," McCormick said.     

The senior Bush administration official stressed the need for further financial sector liberalisation saying that opening up will make India better and bring benefit to Indian business and people.     

Speaking before him the former USTR Ambassador Susan Esserman, currently with Steptoe and Johnson, pointed the rapid growth in not only trade between India and the US but also of the "unbelievable growth" in investment.     

"Indian companies have made very significant investments.. Supporting 30,000 jobs in the US," Esserman said going on to make the case for the start of formal negotiations between the two countries on a Bilateral Investment Treaty.     

"It is the building block upon which freer trade grows," Esserman said making the point that the BIT not only ensures recourse, arbitration and basic protections but will also help to level the playing fields".