U.S. positive about transformative potential of commercial ties with India

| Updated: May 04, 2017 22:04 IST

New Delhi [India], May 4 (ANI): Participating in the annual general meeting of the American Chamber of Commerce in India (AMCHAM) here on Thursday, a senior U.S. Embassy official said that Washington is positive and confident about the transformative potential of its commercial ties with New Delhi. Marykay Carlson, Charge D'Affaires of the U.S. Embassy said, "We are positive about the transformative potential of our commercial relationship with India. As India seeks to promote domestic manufacturing, create jobs, and attract investment, it is important to recognize the crucial role that open trade plays in this process. For this reason, we must work with our counterparts in the Indian government to identify policies and practices that can further improve ease-of-doing-business in India and incentivize trade." She further went on to say, "The sheer size and diversity of our two economies demand that we do even more to realize the full potential of our commercial partnership. Today, our bilateral economic and strategic engagement is flourishing, and there is renewed enthusiasm from U.S. industry to enter the Indian market." Looking back over the past decade, she said that both nations have made substantial progress in improving bilateral trade ties. "Two-way trade in goods and services between the United States and India reached more than USD 114 billion last year. This represents a three-fold increase from 2005. Foreign investment has also risen to unprecedented levels, with total FDI flows between the U.S. and India at USD 37 billion in 2016," Carlson said. "We are excited about the growing commitment from the Government of India to implement pro-business reforms that could boost two-way trade and investment even further. We hope reforms such as the Goods and Services Tax and the Bankruptcy and Insolvency Code will reduce long-standing challenges to doing business in India," she added. "As our economic ties grow, so does our bilateral policy engagement. We seek to elevate the many dialogues we currently have with the Government of India - from energy to commerce and defense. In particular, I am pleased that our strategic defense partnership is stronger than ever. In the past year, we officially classified India as a major defense partner, concluded a defense logistics agreement, and expanded our defense and industrial ties through the Defense Technology and Trade Initiative. We have also increased cooperation on peacekeeping, disaster assistance, maritime security, and countering violent extremism," Carlson said. She said India plays a central role in the economic and political emergence of Asia, and the United States proudly supports its rise as a global power and model of democratic principles. "In short, we are encouraged by the mounting optimism and interest on both sides to continue along this path of deeper economic and strategic engagement. We have a great global partner in India," she concluded. (ANI)