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Treaty deepens India - US strategic partnership
by Jo BlackA successful conclusion of the Bilateral Investment Treaty (BIT) between India and the US will deepen the strategic partnership and would further enhance B2B (Business To Business) and G2G (Government to Government) contact between the two sides according to Mr. Daniel Sullivan, Assistant Secretary of State, Department’s Bureau of Economic, Energy, and Business Affairs (United States).
Sullivan was speaking at the Roundtable conference on “India - US Cooperation in Energy & Investment” organised by the Confederation of Indian Industry (CII).
The first Round of negotiations held in February 2008 reflected a strong desire between the two sides to conclude the treaty, mentioned Mr Sullivan.
He further added that concluding BIT is important priority of the present Administration of the United States.
Quoting a speech by Dr. Manmohan Singh, Prime Minister of India at the CII AGM who said that investment is a sign of faith, Mr. Sullivan said the US would like to deepen this faith with India.
He said a successful conclusion of this bilateral investment treaty between the two countries, will be a positive signal to the world mired in multiple crisis.
Bilateral relationship between the two sides is already on an upward trajectory, he said and added that over the years India has captured the imagination of the US in a big way.
Mr. Sullivan said trade between the two sides grew by 30% last year to reach US$ 40 billion in 2007.
He added that there is a presence of a strong 3 million Indian American community in the US and around 84,000 Indian students are studying in US universities who are serving as a living bridge between the two countries.
On WTO he said the US is studying the new NAMA texts released on 19th May 2008, and added that the Doha Round is at a critical juncture.
He hoped that good relationship between USTR Ms. Susan Schwab and Indian Commerce Minister Mr. Kamal Nath would help in the two countries cooperating with each other to strike a deal.
On Energy Mr. Sullivan said that since both India and the US are the major consumers of energy and have growing demand, both need smooth functioning energy markets.
He further said that there has been a strong multilateral cooperation on this issue especially in the Asia Pacific region.
He also added that deepening engagement with IEA (International Energy Agency) and connecting India and China with the major consumers of energy especially one platform is very important.
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