WASHINGTON: Addressed to jump five times in the Indo-US trade to $ 500 billion, Prime Minister Narendra Modi and President Barack Obama vowed on Wednesday to deepen economic cooperation and establish a joint program to boost investment business.
After two days of talks focused on how to revitalize the relationship between the United States and India through the economy, energy and security cooperation, the two sides agreed on $ 1 billion of financial concessions the USA. UU. Export-Import Bank for the development agency for renewable energy in India.
The two leaders, who met for the first time, agreed to boost bilateral trade to $ 500 billion from $ 100 billion. However, no deadline was set for reaching that goal.
President Obama and Prime Minister Modi acknowledged that the United States and Indian companies have a critical role to play in the growth and sustainable, inclusive and employment-led development, "said a joint statement issued after the meeting.
In order to increase investment by institutional investors and corporate entities, the leaders decided to establish an Indo-US Investment Initiative led by India's Ministry of Finance and the Treasury Department of the United States, with particular emphasis on developing capital markets and infrastructure finance.
They also agreed to establish a collaborative platform Infrastructure convened by the Ministry of Finance and the Department of Commerce to enhance the participation of American companies in infrastructure projects in India.
"In this context, the United States government welcomes the offer of India to the United States industry to be the main partner in the development of smart cities in Ajmer (Rajasthan), Vishakhapatnam (Andhra Pradesh ) and Allahabad (Uttar Pradesh), "he said.
India will host two trade missions in 2015 focused on meeting their needs with technology infrastructure and services in the United States.
The two leaders discussed their concerns about the current stalemate (in particular on the issue of public stockholding for food security) at the World Trade Organization (WTO) and its effect on the multilateral trading system.
They "directed their officials to consult urgently with other WTO members on next steps," said the joint statement.
The two sides pledged to work through the Trade Policy Forum to promote an attractive business environment for companies to invest and manufacture in India and the United States.
They pledged to keep public and private discussions in early 2015 under the Commercial Dialogue in new areas of cooperation, including innovation in advanced manufacturing.
Obama welcomed Modi's ambitious plan to extend basic financial services to all citizens through Jan Dhan Yojana.
"The President and the Prime Minister underlined the important contribution that American technology locomotives, material control the assets of the railway system, and the United States best practices can play in the modernization of the vast Indian railway network, including access programs of the Trade and Development Agency in this work, "the statement said.
Agreeing on the need to foster innovation in a way that promotes economic growth and job creation, the leaders pledged to establish a Property (IP) Working Group Intellectual annual high-level meetings with decision-making and appropriate technical level under the Trade Policy Forum.
They recognized, in particular, the contribution of the industry in India and the United States Information Technology industry and IT enabled services in strengthening the India-US trade and investment relations.
Modi and Obama said they looked forward to the annual meeting of the US-India Economic and Financial Partnership in early 2015.
Also welcomed the expansion of cooperation for the supervision of financial institutions, including, Reserve Bank of India and the USA Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency.
The two leaders also agreed to revitalize the US-India CEO Forum States, and welcomed the offer of India to host the forum for the second time in early 2015.
In order to share best practices in manufacturing and work towards greater harmonization of standards, the National Institute of Standards and Technology Manufacturing Extension Partnership program will initiate a dialogue with Indian counterparts.
The two countries intend to work expeditiously through various initiatives that allow greater confidence in cross-border trade and investment.
"The President also offered to support the prime minister to achieve its goal of preparing young Indians for 21st century jobs through new partnerships to share knowledge and global standards for skills development in India, including by revitalizing the Dialogue Higher Education, "said the joint statement.
