US, India ink bilateral on trade and investment

Washington: The United States and India signed a framework cooperation agreement Wednesday aimed at strengthening trade and investment ties. This follows up on a promise made by leaders of both countries last year.

Union minister of commerce and industry, Anand Sharma, and US trade representative, Ron Kirk, meet in Washington on 17 March 2010.

The agreement was signed by US trade representative Ron Kirk and Indian minister for commerce and industry, Anand Sharma.

"There is almost limitless potential for growth in trade between our two countries and that can contribute to economic recovery and job creation in the United States and continued economic growth in India," Kirk said.

With the agreement in place, both sides may now work out ways to tackle barriers to trade in agriculture, services and manufactured goods and increasing bilateral investments. There will also be increased emphasis on securing intellectual property rights.

"We also intend to use this framework to encourage the development and deployment of clean energy and environmental technologies as well as to support India's infrastructure growth," Sharma said.

Newly installed US president Barack Obama hosted Indian prime minister Manmohan Singh as his administration's first official guest at Washington last November and in turn will visit India later this year. Singh returns to Washington next month for a nuclear non-proliferation summit.