Sharma calls for agreement on comprehensive economic co-operation with US

Commerce minister Anand Sharma said yesterday that India and the US should seriously consider  entering into a comprehensive economic co- operation agreement on lines similar to that of agreements signed between South Korea and Association of Southeast Asian Nations (ASEAN) and the one India is negotiating with Japan and the European Union (EU).

"After the successful visit of president Obama, we should seriously consider engaging in negotiations for a comprehensive economic partnership agreement which encompasses trade, investment and services," Sharma said.

Sharma  was addressing India Inc and US businessmen from president  Obama's delegation, along with US commerce secretary Gary Locke, the first Chinese- American in US president's cabinet.

Sharma added that the memorandum of understanding (MoU), signed with the US to increase trade, could serve as the foundation for the wider agreement.

Locke chose not respond to the proposal right away and said the US had a variety of different economic agreements that it was working on. He said  everything would need to be done in stages.

He said at the moment,  there were many agreements that the business communities were focusing on and the approach was to take one step at a time.