Talks on Bilateral Investment Treaty to Resume, say Modi, Obama (Roundup)


Posted on 28th Jan 2015 12:11 pm by mohit kumar

New Delhi, Jan 25 (IANS) India and US will resume dialogue on a bilateral investment treaty as the economic growth in both countries is becoming stronger and their economic partnership had strengthening, announced Prime Minister Narendra Modi and US President Barack Obama Sunday.

"President Obama and I have agreed that a strong and growing economic relationship is vital for the success of our strategic partnership. Economic growth in our two countries is becoming stronger," Modi said at a joint press meeting with Obama after their talks.

"Our business climate is improving. In addition we have established a number of effective bilateral mechanisms to identify opportunities and also help our business, trade and investments more.

"We will also resume our dialogue on bilateral investment treaty. We will also start discussions on social security agreement that is so important for the hundreds and thousands of Indians professionals working in the US," Modi added.

Obama said: "Our economic partnership has grown and our economic partnership will improve daily lives of our people. We have identified the bilateral investment treaty to discuss further."

"The prime minister has informed me about his missions of economic prosperity to improve the lives of rural Indians with bank accounts, clean water and clean air. We are working on providing assistance to all these," he added.

Obama welcomed Modi's recent reforms to ease doing business in India.

"Since my last visit here and the address made to your parliament, trade has increased and we are cooperating on key global challenges. In the last few years the trade between our countries have increased by some 60 percent and it is going towards $100 billion and we want to trade even more," he said.

In a press briefing later, Indian Foreign Secretary Sujatha Singh said: "We have agreed to resume talks on high standard bilateral investment treaty."

According to various Indian industry bodies and trade estimates, Indian-American bilateral trade is poised to reach $100 billion mark by 2018.

Commerce ministry data shows that India's exports to the US have risen from $9 billion in 2001-02 to around $39 billion in 2014-15, with the US remaining India's top export destination throughout the years.

Import-wise, the US has registered a steep rise from $3 billion in 2001-02 to $22 billion in 2014-15.

Overall, bilateral trade between India and the US rose five-fold from $12 billion in 2001-02 to $62 billion in 2014-15.

During 2000 to 2013, the cumulative foreign direct investment (FDI) flows from the US to India were estimated at $14 billion - constituting nearly six percent of the total FDI into India.

The foreign secretary also said three MoUs (memorandum of understanding) signed between US Trade and Development Agency and the governments of Andhra Pradesh, Rajasthan and Uttar Pradesh. "These include building of smart cities in Ajmer, Allahabad and Vishakhapatnam. The US is also cooperating with us on Digital India programme."

Asked about cooperation on liquified natural gas with the US and gas imports from Iran, she said: "All issues of regional and mutual interest have been discussed."

It was also mentioned that the US side has shown extreme keenness in partnering, collaborating and financing India's goal of 100 GW solar energy initiative.

0 Like 0 Dislike
Previous news Next news
Other news

Rekha attends Rajya Sabha

New Delhi, March 18 (IANS) Actor-turned MP Rekha was seen in Rajya Sabha for brief period on We

Three phones of Xiaomi's Mi 10T series launched will compete with this Samsung phone

Smartphone company Xiaomi has launched the Mi 10T series. The company has launched three phones u

Narendra Modi's election chariot: not just a campaign car, but a fort of facilities and security; Even bullets and bombs cannot harm PM

Prime Minister Narendra Modi recently conducted a road show in his parliamentary constituency&nbs

Arjun Kapoor and Malaika Arora spotted in each other's hands, see photos

 

Arjun Kapoor and Malaika Arora arrived at the party together last evening. The two

UP Lockdown Extension: Extended lockdown in UP till May 10, four more days to be followed by Corona curfew

Because of the situation of coronavirus infection in Uttar Pradesh, the Yogi Adityanath governmen

TMKOC: Dayaben's entry is happening in 'Taarak Mehta...', makers' conversation with Disha Vakani begins!

'Taarak Mehta Ka Ooltah Chashmah' is a popular TV serial, which has been entertaining the fans fo

Asian Games 2023: Tilak Varma played the best innings of his T20I career, and broke Rohit Sharma's record.

Indian team's young batsman Tilak Verma played a match-winning innings in the semi-final match ag

Corona Vaccination Updates: Vaccination figure crossed 12 Crore 38 lakhs in the country, US-China lagged behind

New Delhi, Corona Vaccination. Vaccination is also increasing in India with the speed of increasi

AAP volunteers start 300-km walk to support Kejriwal

New Delhi, Jan 25 (IANS) Four AAP volunteers Sunday started a 300-km walk from Ludhiana in Punj

Delhi Cabinet: BJP managed regional and caste groups... Purvanchal had the upper hand; the Punjabi-Sikh community also got a place

Through the new government, BJP has tried to appease the regional and caste groups of Delhi. By m

Sign up to write
Sign up now if you have flare of writing..
Login   |   Register
Follow Us
Indyaspeak @ Facebook Indyaspeak @ Twitter Indyaspeak @ Pinterest RSS



Play Free Quiz and Win Cash