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.
India will seek help from developed countries to fight climate change. Before the meeting of CAP-
New Timeline of WhatsApp Disappearing Messages feature can save your storage, know-how
WhatsApp launched its Disappearing Messages feature in November last year. This feature allowed t
Report: By 2030, 2.35 crore people of the country will join gig work for a living, claims NITI Aayog
According to a report released by NITI Aayog, by the year 2029-30, about 2.35 crore will be conne
Perfect time to beat Australia: Kohli
Sydney, March 24 (IANS) Keeping in mind their winless performance against Australia this summer
Nikita Murder Case: Anil Vij said - I will not let anyone's bullying, hearing in fast track court
Haryana Home Minister Anil Vij said that he will not allow anyone to be bullied in the Nikita mur
Preparations have intensified for the All India-DGP Conference to be held in Bhubaneswar from 29
China in support of anti-India Pak terrorists: Saved by vetoing for the second time in two days
For the second time in two days, China has saved a Pakistani terrorist from being declared a Glob
Islamabad United won the title by defeating Multan Sultans in the final of the Pakistan Super Lea
The Delhi government is going to give a big gift to the people of Delhi today. It is going to ind
8 to 10% Growth is eminently achievable
Government is working on a new ag
