Dubbed as "Trade Policy Forum framework for cooperation on trade and investment", the pact signed by Minister of Trade and Industry, Anand Sharma, and U.S. Trade Representative, Ron Kirk.
With bilateral trade recorded 65.9 billion U.S. U.S. dollars last year, U.S. said to be the largest trading partner of India. The country is apparently the largest source of FDI in India and also investment flows from India to the United States is also increasing.
James also plans to hold talks with Secretary of Commerce Gary Locke and Secretary of Agriculture, Tom Vilsack. India-US Trade Policy Forum was established following a visit by Prime Minister Manmohan Singh to USA in July 2005. Trade Representative and Minister of Industry and Trade Co-Chairs will be informed of this forum.
Five focus groups
were formed to discuss various trade policy issues such as customs and trade barriers, services, agriculture, investment, creativity and innovation.
India-US Private Sector Advisory Group (Action Group) consisting of eminent personalities from India's trade and U.S. to meet on 17th March. The Task Force was established in September 2007 to provide strategic recommendations and insights for Trade Policy Forum.
Sharma plans to visit New York on 19th March for meetings with industry, the U.S., including U.S. Board Council for International Trade and Business Forum in India.
During prime minister's visit to Washington in November last year, a new India-US economic and financial partnership was formed to support the participation and understanding of the bilateral economic issues, financial and investment.
The Association met at the cabinet once a year, in both the U.S. and India on the basis of rotation. The sub-working groups and government level meetings will be held during the year to hold further discussions on areas of economic policy.
India-US Economic and financial partnership will be officially opened by the Finance Minister Pranab Mukherjee and U.S. Treasury Secretary Timothy Geithner, in New Delhi on 6 April.
Given the rapid expansion of trade relations between India and the U.S.
over the past five years, both countries now hope to further strengthen its ties with the signing of a new set of rules for trade intervention.
Dubbed as "Trade Policy Forum framework for cooperation on trade and investment", the pact signed by Minister of Trade and Industry, Anand Sharma, and U.S. Trade Representative, Ron Kirk.
With bilateral trade recorded 65.9 billion U.S. U.S. dollars last year, U.S. said to be the largest trading partner of India. The country is apparently the largest source of FDI in India and also investment flows from India to the United States is also increasing.
James also plans to hold talks with Secretary of Commerce Gary Locke and Secretary of Agriculture, Tom Vilsack. India-US Trade Policy Forum was established following a visit by Prime Minister Manmohan Singh to USA in July 2005. Trade Representative and Minister of Industry and Trade Co-Chairs will be informed of this forum.
Five focus groups were formed to discuss various trade policy issues such as customs and trade barriers, services, agriculture, investment, creativity and innovation.
India-US Private Sector Advisory Group (Action Group) consisting of eminent personalities from India's trade and U.S. to meet on 17th March. The Task Force was established in September 2007 to provide strategic recommendations and insights for Trade Policy Forum.
Sharma plans to visit New York on 19th March for meetings with industry, the U.S.
including U.S. Board Council for International Trade and Business Forum in India.
During prime minister's visit to Washington in November last year, a new India-US economic and financial partnership was formed to support the participation and understanding of the bilateral economic issues, financial and investment.
The Association met at the cabinet once a year, in both the U.S. and India on the basis of rotation. The sub-working groups and government level meetings will be held during the year to hold further discussions on areas of economic policy.
India-US Economic and financial partnership will be officially opened by the Finance Minister Pranab Mukherjee and U.S. Treasury Secretary Timothy Geithner, in New Delhi on 6 April.
March 17 (Bloomberg) - India and the U.S. signed an agreement to regulate trade and investment between the world's largest democracy and the largest economy.
U.S. Trade Representative, Ron Kirk, and the Indian Trade Minister, Anand Sharma terminate the agreement at a ceremony today in Washington. The countries are to set a timetable for officials from both countries to meet and discuss barriers to trade and investment.
India seeks to strengthen economic relations with the United States to accelerate growth at a rate of 9 percent from 7.2 percent this year. Relations between India and the U.S. got a boost after a civilian nuclear pact in 2008 that allowed companies like General Electric Co. to sell atomic fuel and technology in the Southeast Asian nation.
Trade between the U.S. and India almost doubled to 39.7 billion U.S.
dollars in four years to March 2009, according to Ministry of Commerce in India.
Foreign direct investment in India from the U.S. rose to 1.8 billion U.S. dollars in the year to March 2009, according to India's Department of Industrial Policy and Promotion. India has 7.9 trillion U.S. U.S. dollars in investment between 2000 and 2009, which is the third largest investor in the country after Mauritius and Singapore, said the department.
The economy of 1.2 trillion U.S. dollars in India, Asia and the third largest, may expand 7.2 percent in the year ending 31st March, according to nationwide statistics department.
US-Mexico civil nuclear cooperation a priority for foreign policy under President George W. Bush authorized U.S. Nuclear Suppliers resume trade with India after being ruled out, when India tested a nuclear bomb in 1974.
Urgent talks should be held to contribute to achieving a free trade agreement (FTA) between the GCC countries and China, says a new study.
This measure will allow the Gulf to benefit from rapidly growing Asian giant's economy has become the second largest in the world.
There is a particular need for a GCC-China FTA because of the suspension of negotiations on the establishment of this agreement with the European Union, said the study. Negotiations with Europe lasted 20 years, and while they were underway, the GCC members had lost economic opportunities in a number of developing countries like India and other Arab countries. Negotiations to reach an FTA with China began in 2005 but stalled because China has refused to lift restrictions on imports of certain products from the GCC.
The study, entitled Economic relations between GCC countries and the People's Republic of China, was prepared by Najib Abdullah Al Shamsi, director of studies and research in the GCC General Secretariat.
He said the GCC members would like to overcome obstacles and to integrate into the global economy.
"The almost total dependence on Western Europe and the United States has led the GCC countries are trying to strengthen economic ties with partners that provide economic and financial stability," he said. "These partners are available in China, India and other Asian countries that have economic stability and mark high growth rates.
The desirability of achieving a free trade agreement is not based solely on China's strategic need for oil and gas in the GCC and the existence of a large market for Chinese goods in the Gulf.
Chinese companies hope to benefit from the 500 billion dollar plus (Dh1.84 billion) of funds allocated by GCC for development of infrastructure, education, healthcare and IT needs.
The study showed that the future economic relations and trade look promising, and highlights the importance of recent visits by leaders of the GCC and China business.
"Globalization and the free market demands that require the GCC countries and China, a number of challenges that they face more economic and trade cooperation," said Al Shamsi. "These challenges represent investment opportunities that can help both parties to achieve their strategic objectives."
He urged China to help the GCC members to achieve their strategic development to share its experience of reforms, as Japan did to China and that China, with India.
He said: "Although trade between the GCC countries and China has increased the quality and quantity-wise in recent years, growth has been modest compared to the potential of the two economies."
China has recorded higher growth rates in the world in recent years and has attracted a huge flow of international investment in the country.
Since 1978, economic growth increased from six percent to 13 percent.
Evolution of the Chinese cabinet and Research Center expects the economy to grow by eight percent over the next five years.
It is expected that China's GDP will reach 2.6 trillion USD (Dh9.54trn) in 2010, equivalent to $ 1,900 per capita compared with $ 1,400 in 2005.
China is the third largest state trade and ranks second in the world after Japan in terms of foreign reserves.
Trade between GCC countries and China was weak in 1950 due to the difference in economic ideologies.
But trade growth, the 1980s and 1990s witnessed the development of economic relations and the acceleration. Trade increased from U.S. 1.5 billion U.S. dollars (Dh5.5bn) in 1991 to $ 11.6bn in 2002, $ 15.4bn in 2003, $ 24.1bn in 2004 and 33.8 billion U.S. dollars in 2005.
The trade balance recorded a deficit of interest for China in the 1990s, but the new millennium witnessed a qualitative development in the trade of interest to the GCC. Oil, gas and petrochemicals are major exports of the GCC to China, while imports from the GCC clothing, textiles, leather, computers, telecommunications equipment and toys from China.
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