India favours a more open trade with US: Sharma

India and the United States could leverage their synergies to "seriously consider" a trade-opening agreement on the lines of India's agreements with the ASEAN and South Korea, commerce and industry minister Anand Sharma said at a function organised by industry association FICCI.

Sharma's comments come in the backdrop of a bilateral meting yesterday between prime minister Manmohan Singh and US President Barrack Obama who spoke of a natural partnership of the two countries for enhancing mutual prosperity and stimulating global economic recovery and growth.

They emphasized innovation not only as a tool for economic growth and global competitiveness, but also for social transformation and empowerment of people.

The two leaders also noted that the recent growth in bilateral trade and investment has been characterised by balanced and rapidly growing trade in goods and services. United States is India's largest trading partner in goods and services, and India is now among the fastest growing sources of foreign direct investment entering the United States. India-US trade stood at $36.6 billion in 2009-10.

The two leaders also agreed on steps to reduce trade barriers and protectionist measures and to channel research and innovation to create jobs and improve livelihoods in their countries.

They also welcomed expanding investment flows in both directions. They called for enhanced investment flows, including in India's infrastructure sector, clean energy, energy efficiency, aviation and transportation, healthcare, food processing sector and education.