Prabhu for govt-to-govt agreement between India and US to facilitate private sector firms

Commerce and Industry Minister Suresh Prabhu Tuesday made a case for a government-to-government agreement between India and the US to facilitate private companies in both the countries.

"Can we have government-to-government agreement in which we will make sure that the policy support that is required for private sector emanates from this umbrella agreement," he said here a function, which was attended by the US business delegation, led by US Commerce Secretary Wilbur Ross.

Prabhu said public policies may sometimes create challenges for corporates "but if we have a government-to-government agreement, we can clearly spell out the certainty, stability, forward-looking policies and this will facilitate companies to prepare their corporate plans".

He also expressed hope that issues being faced by businesses in India and the US can be sorted out in a way that benefits both the countries.

"I can clearly see that issues can be sorted out in a way that benefits both the countries," Prabhu said one needs to look at big picture and make sure that irritants are tackled in a manner that helps foster this relationship.

The remarks assumes significance as Indian companies are raising issues like restrictive visa regime in the US, American firms are flagging concerns related to India's intellectual property policies and e-commerce norms.

Prabhu said India's economy is expected to touch USD 5 trillion in the next 7-8 years and USD 10 trillion by 2035 and in this, US companies can help.

"These numbers are possible to achieve only when we have friends like you (the US). With this growth, US companies will also benefit," he added.

Further, the commerce minister said that in the US, President Donald Trump's slogan that let's "Make America Great Again", "I would add and say let's Make America Great Again by making India-US relationship far better again".

Speaking on the occasion, Ross said, "I think we should rephrase that (slogan) to MAGAWIC - Make America Great Again with Indian Cooperation.