US keen on enhancing economic ties with India

Recession-hit US wants to enhance its commercial engagement with India,which along with other emerging economies is expected to contribute to the bulk of global economic growth.

US Trade Representative Ron Kirk,who was here last week for the WTO informal ministerial meeting,has chalked out plans to return to India next month,mainly for pushing bilateral trade,which is at USD 43 billion at present.

“I will be back to India in almost less than a month when we are going to engage much more thoughtfully on our bilateral relationships,” Kirk had said.

Though a free trade agreement between the US and India does not look feasible,given America’s aggressive market appetite for the agricultural products and New Delhi’s defensive interest in the area,the two sides would enhance economic engagement through the institutional framework of Trade Policy Forum.

“The whole purpose of us coming back and using the TPF Agreement is to (chalk out) a roadmap for our increased commercial relationships…,” Kirk said.

TPF has five focus groups – agriculture,investment,innovation and creativity (intellectual property rights),services and tariff and non-tariff barriers. With the UPA government coming back with a strong mandate in the second term,the US seeks new opportunities with India.

“We think there is a marvellous opportunity to recast the relationship between the US and India,” the USTR said.

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As per estimates 60 per cent of the world economic growth comes from emerging advanced developing countries like India,China and the ASEAN region.

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