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US to host US-India trade policy forum

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US Secretary of Defence Chuck Hagel looks on as he attends an Observer Research Foundation conference in New Delhi on August 9, 2014. US Defense Secretary Chuck Hagel met India's prime minister in Delhi, seeking to boost weapons sales to a new government eager to modernise its military. India is the world's biggest arms importer and military trade is high on the agenda for the three-day trip, which comes ahead of Prime Minister Narendra Modi's first official visit to Washington next month. AFP PHOTO/RAVEENDRAN

Washington: US Trade Representative Michael Froman will host the ninth ministerial-level meeting of the US-India Trade Policy Forum (TPF) here on Oct 29 to discuss how to expand trade and investment through forward-looking policy initiatives.

The TPF provides the venue for evaluating progress that has been made on trade and investment issues between the US and India at the ministerial level, according to an official announcement.

“I look forward to hosting Minister Nirmala Sitharaman for a productive meeting about bringing our countries into greater trade partnership,” said Froman.

This dialogue comes on the heels of President Barack Obama’s recent meeting with Prime Minister Narendra Modi “where they discussed how partnership between the United States and India on trade and investment can contribute to new economic growth and job creation opportunities for our peoples,” he noted.

“The US-India Trade Policy Forum will allow the United States and India to advance on-going bilateral efforts to expand trade and investment through forward-looking policy initiatives that can benefit our manufacturers, workers, innovators, service providers, farmers, and ranchers,” Froman said.

The US-India TPF is co-chaired by USTR Michael Froman and Indian Minister of Commerce and Industry Nirmala Sitharaman, and is the premier bilateral forum for the discussion and resolution of trade and investment issues between the US and India.

Discussions in the TPF are generally organized around key issue areas, including intellectual property, opening investment in manufacturing, agriculture, and services.

US goods and private services trade with India totalled $102.8 billion in 2014. India is currently the US’ 11th largest goods trading partner with $66.8 billion in total (two ways) goods trade during 2014. Trade in private services with India (exports and imports) totalled $36 billion in 2014.

(IANS)

 

 

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Uber’s Self-driving Unit Gets $1 bn Investment

According to market sources, the company may provide a price range for its shares later in April and would go public in May

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Uber, bengaluru
Photo shows an exterior view of the headquarters of Uber in San Francisco. (VOA)

The self driving unit of global ride-sharing major Uber has announced a $1 billion investment from Japanese conglomerate SoftBanks Vision Fund, car manufacturer Toyota and automotive component supplier Denso.

“Excited to announce Toyota, Denso and the SoftBank Vision Fund are making a $1 billion investment in Uber, as we work together towards the future of mobility,” Uber CEO, Dara Khosrowshahi tweeted late on Thursday.

Toyota and Japanese auto-parts supplier Denso will together invest $667 million, while Softbank’s Vision Fund will invest $333 million. SoftBank is already Uber’s largest shareholder, the CNBC reported.

Car maker Toyota invested $500 million in Uber in August 2018 when the two companies announced their intention to bring pilot-scale deployments of automated Toyota Sienna-based ridesharing vehicles to the Uber ridesharing network in 2021.

Uber app.

Uber officially filed its IPO process last week with the public filing of its prospectus. It would be listed on the New York Stock Exchange (NYSE) under the symbol “UBER”.

“We have incurred significant losses since inception, including in the United States and other major markets. We expect our operating expenses to increase significantly in the foreseeable future, and we may not achieve profitability,” the company had said in the “S-1” form or the IPO Prospectus submitted to the Securities and Exchange Commission.

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The company noted that as of December 31, 2018, it had 91 million or 9.1 crore monthly active platform users. There were 3.9 million or 39 lakh drivers on the platform by the end of 2018.

According to market sources, the company may provide a price range for its shares later in April and would go public in May. (IANS)

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