US seeks predictable policies from India

Jan 30 2013, 08:57 IST
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US seeks predictable policies from India. (Reuters) US seeks predictable policies from India. (Reuters)
SummaryUS believes that Asean and India are two most important economies in the 21st century.

Commerce and industry minister Anand Sharma on Tuesday met representatives from the US, Pakistan, and Bangladesh at the ongoing Partnership Summit here.

Seeking high level of openness and strong rules for investor protection, the US made a strong case for predictable and clear policies in India in the ongoing global partnership summit here.

Emphasising that the US believes that Asean and India are two most important economies in the 21st century, Robert D Hormats, US under secretary of state for economic growth, energy and environment said, Predictable and clear policies will encourage businesses to expand, and to devote the long-term capital and resources required for further growth.

He also said that India should consider encouraging a range of market-based solutions that can better support jobs and growth, while creating a level playing field.

On the investment side, the US and Indian governments have engaged in Bilateral Investment Treaty (BIT) negotiations. We are aiming for a BIT that gives a high level of openness to investment across the economy, provides strong rules on investor protection and transparency, and offers effective means for resolving investment disputes, Hormats said.

Sharma said that the only way to strengthen ties between India and Pakistan is to build an atmosphere of confidence and trust and ensure peace and stability. And for that the only way is the economic partnership, Sharma said.

Although Sharma's Pakistani counterpart Makhdoom Amin Fahim had cancel his visit to Agra, several businessmen from the neighbouring country participated in the summit.

Sharma said that India has decided on investments and opening bank branches in Pakistan and it is important that the momentum is maintained.

Sharma, during his meeting with his Bangladeshi counterpart Ghulam Mohammed Quader, asked the neighbouring country to allow smaller ships to operate between Chittagong and Vizag as most of the trade through sea happens via Singapore, which inflates the trans-shipment cost.

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