India, U.S. To Fast-Track Three Agreements

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Monday, India and the U.S. agreed to fast-track and conclude within a given time-frame three agreements besides working together on a framework for promoting real and meaningful cooperation in trade and investment.

The three agreements relate to enhancing and strengthening trade and investment engagement, Intellectual Property Rights (IPR) cooperation and an agreement for putting in place traditional knowledge digital library.

At the end of the Sixth Ministerial Level meeting of the India-U.S. Trade Policy Forum (TPF), the two countries issued a joint statement expressing willingness to continue to focus on agriculture, innovation and creativity, investment, services and tariff and non-tariff barriers.

The two sides also agreed to work together to support greater involvement of small and medium enterprises (SMEs) in each others' markets and to pursue initiatives in the further development of India's infrastructure, besides collaboration on clean energy and environmental services, information and communications technologies and other key sectors.

Addressing the media at the end of the meeting, Indian Commerce and Industry Minister, Anand Sharma said although no firm deadline had been fixed for concluding the three agreements, they would happen soon.

"The U.S. has submitted us a draft on these issues and we will certainly study it. We hope to sign agreement very soon. These are in continuation of the high-level engagement between the two countries and in the run-up to the Prime Minister, Manmohan Singh's, visit to Washington next month," he added.

Sharma said the cooperation agreement on IPR aims to reassure investors from both the countries while the Indo-U.S. TPF would act as a catalyst for enhancing trade and investment and promoting economic engagement.

On H1-B visas for Indian professionals, Sharma said he had taken up the issue with his U.S. counterpart, Trade Representative, Ron Kirk, while noting that the Indian IT sector and industry in the U.S. had not only made huge investments but also generated thousands of jobs.

Stating that Indians make up only one per cent of the total IT professionals working in the U.S., he said they have made a huge contribution to the U.S. economy and the U.S. should take steps to sort out all issues faced by them in this regard.

Kirk Seeks Improvement In Trade

Meanwhile, Kirk urged the Indian Government to improve climate for luring liberal investments into India, including the IPR regime.

"We would also like to see more improvement and openness in the investment environment for U.S. businesses in India," Kirk was quoted as saying.

The U.S. official expressed concern over the present Intellectual Property Right (IPR) regime and how it works. Kirk said he regretted India had been on the U.S. watch-list for the last 14 years.

Business partners should play by the rules. New Delhi needs to work on the IPR issues and its administration in order to generate confidence among investors from the U.S, Kirk added.

Stating that the present trade between the two countries is the tip of the iceberg, he said India should be among the top ten trading partners of the U.S. from the present 17th position.

The U.S. Official also sought improvement in the Indian healthcare, education, information technology and environmental systems besides greater access to financial services, goods and services areas.

On concerns expressed by the Indian side on the H1-B visas issue, Kirk said the U.S. administration was working closely with the U.S. Congress to address the concerns on this issue.

(Market News Provided by RTTNews)