Thursday December 14, 2017
Home India Trade between...

Trade between India and US at $103 billion, says US Envoy Richard Verma

0
39

indian-american_3

Washington: US Envoy Richard Verma said on Saturday that the India-US bilateral trade in goods and services has crossed the elusive $100 billion threshold and now stands at $103 billion. He added that both countries still have a long way to traverse to reach the goal of $500 billion.

Addressing the Center for Strategic and International Studies, Verma said the goal of $500 billion is achievable.

Both sides have restarted the Trade Policy Forum, “which is bringing together Indian and American trade experts to address concerns across a variety of sectors”, he said.

On intellectual property, a technical team of Indian experts will visit Washington for further discussions on how to improve IP protection.

“We continue to look for ways to enhance the environment for innovation in a way that promotes our shared interests,” he said.

He said through the US State Department’s Indo-Pacific Economic Corridor (IPEC) initiative, “we are also supporting greater regional economic connectivity between India and its neighbors, complimenting Prime Minister Modi’s “Act East policy”.

“Through programs aimed at enhancing energy cooperation, building closer people-to-people ties, stimulating trade facilitation and transportation and easing customs and borders, IPEC seeks to strengthen links among South Asian countries and with Southeast Asia,” he said.

He said under Prime Minister Narendra Modi’s foreign policy “India has been on the move. In the past year the prime minister has reached out not just to the United States, but has visited over 18 countries and 33 cities.

“He is signalling that India will be a player on the global stage for years to come and we welcome and support that global leadership role – politically, economically and in global institutions”.

“We have also been heartened and grateful for the leadership India has shown in the face of recent crises. India’s response to the devastating earthquake in Nepal has been remarkable.”

“When disaster struck, India spared no time in mobilizing its sophisticated crisis management mechanisms, providing crucial support to a neighbour in need. In a similar gesture, India rushed to provide fresh water assistance to the Maldives when its water treatment facility ceased operating,” he noted, according to a US embassy statement.

He said that India and the US are “partnering more closely than ever before”.

“We are tracking 77 different initiatives that came out of the January Obama-Modi Summit, in fields that range from defense cooperation to health and renewable energy. Our collaboration is broad-based and global in nature. Our doctors and health experts are working together with African medical communities to fight HIV/AIDS,” he said. (IANS)

Next Story

Tibetan spiritual leader Dalai Lama’s visit to Arunachal Pradesh will damage ties with India, says China

China has accused the Dalai Lama of secessionist activities in Tibet and he has been living in self-imposed exile in India since 1959

0
132
Dalai Lama. Flickr

Beijing, October 28, 2016: China on Friday warned that the Dalai Lama’s scheduled visit to Arunachal Pradesh will damage ties with India.

“India will only damage peace and stability of the border areas as well as the bilateral relationship between China and India,” Foreign Ministry spokesman Lu Kang said.

NewsGram brings to you current foreign news from all over the world.

The reaction came a day after India said the Dalai Lama was free to travel to any part of the country and Arunachal Pradesh was no exception.

The Tibetan spiritual leader is likely to visit the northeastern state bordering China early next year. Arunachal Pradesh is claimed by China, which calls it South Tibet.

China has accused the Dalai Lama of secessionist activities in Tibet. He has been living in self-imposed exile in India since 1959.

NewsGram brings to you top news around the world today.

“The Dalai clique is engaged in anti-China separatist activity and has very disgraceful behaviour on issues relating to China-India boundary question,” he said.

“The Indian side is well aware of the severity of the Dalai Lama issue as well as the sensitivity of the China-India boundary question.”

Kang said China expected India to honour its political commitment vis-a-vis Tibet.

Check out NewsGram for latest international news updates.

India has always regarded Tibet as an integral part of China.

Earlier this week, China reacted angrily after the US ambassador to India, Richard Verma, visited Tawang in Arunachal Pradesh.

Beijing warned Washington not to meddle in the border dispute between India and China. (IANS)

Next Story

US investments and technology partnerships with India set to grow

0
68

Washington: Ahead of Indian Defence Minister Manohar Parrikar’s visit to the US, a key trade group has expressed confidence that as India continues reforms US investments and important technology partnerships with Indian industry will grow significantly.

Members of the US-India Business Council (USIBC) comprising 350 top-tier US and Indian companies hosted a Defence Policy Group (DPG) delegation from India ahead of Parrikar’s visit to the US in December. Senior Indian defence ministry officials are in the US for bilateral meetings with the US Department of Defence to discuss progress on joint initiatives such as the US-India Defense Policy Group (DPG) and Defence Technology and Trade Initiative (DTTI).

Welcoming the delegation to Washington, USIBC President Dr Mukesh Aghi welcomed Government of India’s recent announcements allowing FDI up to 49 percent under the automatic route and beyond that with the Foreign Investment Promotion Board’s (FIPB) approval.

Former US Secretary of Defence, William S. Cohen, and board member of USIBC said he was encouraged by the unprecedented level of engagement between the two governments and the private sector in the area of defence.

“As the Government of India continues its reform effort and streamlines the defence procurement process, I am confident that US investments and important technology partnerships with Indian industry will grow significantly in support of India’s indigenization and national security goals,” he said.

Swami Iyer, Vice President, Honeywell Defense and Space, and Chair of USIBC’s Defence Executive Committee said: “With diligent collaboration, both government and industry can showcase Make in India and India’s improved ease of doing business in current and future defence procurements.”

“We believe continued success in US-India defence trade can be a great enabler for India’s economy and national security.”

The US-India bilateral defence relationship has grown in a robust manner from a mere $200 million in defence trade in 2000 to over $14 billion.

Boeing recently announced that it had won a $3 billion contract from the Indian Ministry of Defence for production, training and support of 22 AH-64E Apache attack helicopters and 15 CH-47F Chinook heavy-lift helicopters.

The order includes options to further buy 11 Apache and 7 Chinook helicopters. These aircraft are being acquired by the Indian Government on Direct Commercial Sales (DCS) basis while their weapon systems like radars and missiles would be through the Foreign Military Sales (FMS) route from the US Government.

(Arun Kumar, IANS)

Next Story

Obama wishes Modi happy Diwali through newly-established hotline

0
75

Washington: Calling Prime Minister Narendra Modi to wish him a happy Diwali, US President Barack Obama has reaffirmed the importance of the US-India partnership in addressing both regional and global issues.

A White House readout of the call on Tuesday said Obama spoke to Modi by phone “to review joint efforts on key areas of bilateral cooperation and to preview global issues ahead of the upcoming G-20 summit, East Asia Summit, and Paris Climate Conference.”

“Noting that the conversation represented the first use of the new secure line between the two leaders, President Obama wished the Prime Minister a happy Diwali and reaffirmed the importance of the US-India partnership in addressing both regional and global issues.”

“Both leaders shared their perspectives on developments in South Asia and discussed the progress they have made on shared economic and security priorities, including implementation of the Joint Strategic Vision for the Asia-Pacific and Indian Ocean Region and addressing the global challenge of climate change,” it added.

Earlier, in New Delhi, Modi tweeted after the call: “A short while ago @POTUS (President of the United States) called. We exchanged Diwali greetings. This was our first conversation through the newly-established hotline.”

“President Obama & I look forward to meeting in Turkey during the G20 Summit,” to be held on Nov 15-16, he said.

Modi said President Obama and he “discussed a wide range of other issues as well. It was good knowing how @WhiteHouse is marking Diwali.”

The G20 summit is being held after the adoption of Sustainable Development Goals agenda at the UN and ahead of the climate change summit in Paris on Nov 30-Dec 1.

(Arun Kumar, IANS)