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NEED TO DEEPEN ECONOMIC ENGAGEMENT BETWEEN INDIA AND THE US: ANAND SHARMA – MEETS USTR AND EU TRADE COMMISSIONER
Date : 14 Oct 2009
Location : New Delhi
Shri Anand Sharma, Commerce and Industry Minister, during his meeting with the US Trade Representative Ambassador Ron Kirk last evening in Washington DC emphasised that there is a need to deepen the economic engagement between the two countries and accord a special thrust to investments on mutually agreed priority areas, specially infrastructure, energy, science and technology, space research and high technology collaboration and agro processing. Indian investments in USA in 2008-09 were more than US investments in India and Shri Sharma mentioned that vigorous efforts were required to deepen the economic engagement. The Minister said Ron Kirk will be travelling to New Delhi later this month for discussions on Indo-US Trade Policy Forum.
Ambassador Kirk expressed appreciation for the initiative taken by India to re-energize the Doha process by holding the informal WTO Ministerial Meeting in September 2009. They noted that the leaders had reaffirmed their commitment for an ambitious and balanced outcome of Doha round by 2010, referring to the progress made in the Delhi ministerial. The two Ministers noted that progress had taken place since that meeting and a roadmap had been chalked out by the negotiating chairs in Geneva ahead of the WTO Ministerial Meeting scheduled in November 2009. He also conveyed concerns regarding the effect of the loss of duty preference under the Generalized System of Preferences (GSP) which had affected many labour intensive industries in India. Shri Sharma also emphasized the need to create a special dispensation for Indian professionals travelling to USA on temporary assignments in fulfilment of contractual obligations.
Earlier in the day Shri Sharma addressed the Global Services Summit organized by the Coalition of Service Industries. The session entitled "Services Trade and Investment: Key to Global Economic Recovery" was also addressed by his counterparts from EU, Australia, Panama and Colombia. In his remarks Shri Sharma outlined the contours of the expansion of services sector in India which today contributed 55% of the GDP and 40% of exports. He advocated against any attempt to restrict the free movement of professionals and cautioned against protectionist measures by some countries. He highlighted that Indian investments, including in the IT sector, had created over 300,000 jobs in the US.
On the margins of the Summit, the Minister had discussions with EU trade Commissioner Baroness Catherine Ashton. During their discussions, the ministers took stock of the ongoing India-EU FTA negotiations and other areas of economic engagement ahead of the India-EU summit scheduled to be held in New Delhi in early November. Shri Sharma also had bilateral discussions with his Australian counterpart, Simon Crean.
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