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Friday, November 12 , 2010
Indo American News • Friday, November 12 , 2010
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IndoAmerican News
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Obama Effect: India Favors Trade-Opening Pact with U.S.
NEW DELHI (PTI) : Enthused by the success of US President Barack Obama’s visit, India on Tuesday said it is time to “seriously consider” a trade-opening agreement with America, similar to the ones entered with the ASEAN and South Korea. “Now after the successful visit of President Obama, we should seriously consider to engage in negotiations for a comprehensive economic partnership agreement which encompasses trade, investment and services,” Commerce and Industry Anand Sharma said at a FICCI function. Sharma made these comments in
U.S. President Barack Obama and first lady Michelle Obama with President Pratibha Patil, Prime Minister Manmohan Singh and his wife Gursharan Kaur during a ceremonial reception at Rashtrapati Bhavan.
the presence of US Commerce Secretary Gary Locke, who however, sounded less enthusiastic about the idea of a free trade agreement (FTA) between the two countries. “We have a variety of different economic agreements that we are working on ...everything will have to be done in stages. Right now, we have many agreements already concluded. The business communities are focusing on so we take step at a time...”, Locke told reporters on the sidelines of the function. He was part of the delegation which came with Obama. India and the US already have an
institutional mechanism to boost bilateral commerce through the Trade Trade Forum. Seeking a substantial increase in commercial engagement with India, Obama asked India to remove trade and investment barriers in a host of areas including, telecom and retail. India, as part of its ‘Look East Policy’ has already opened trade with the 10-nation bloc - Association of Southeast Nations and South Korea. Though the industry has been favouring FTA with the US, it is now that Indian government has favoured the idea.
INDO AMERICAN NEWS • FRIDAY, NOVEMBER 12 , 2010 • ONLINE EDITION: WWW.INDOAMERICAN-NEWS.COM