India, US to expand trade, investment links; work together in G-20 (Lead)

June 29th, 2011 - 1:53 am ICT by IANS  

Pranab Mukherjee Washington, June 29 (IANS) India and the United States have agreed to work together to expand trade and investment links between their two economies, and to develop and strengthen their financial systems.

They would also “work together in the G-20 on an effective mutual assessment process to bring about strong, sustained, and balanced global growth,” a joint statement issued Tuesday on the conclusion of the second meeting of US-India Economic And Financial Partnership here.

“As two of the world’s largest economies, the US-India relationship offers enormous economic opportunities for Americans and Indians alike,” Indian Finance Minister Pranab Mukherjee and US Secretary of the Treasury Timothy Geithner who led the comprehensive talks bewtween the two sides told a joint press conference.

The joint statement said “leveraging their combined knowledge, experience, and shared interests, the two sides agreed to a robust agenda for the coming year that includes deeper engagement” in three key areas within each pillar of the Partnership:

* Macroeconomic challenges, including growth, unemployment, inflation, global liquidity, commodity prices, international capital flows and fiscal consolidation.

* Financial sector reforms, including deepening of capital markets, financial inclusion, and ensuring the stability, transparency, and integrity of the financial system.

* Infrastructure finance, including innovative strategies to mobilize capital for infrastructure development, and sharing best practices and building capacity for design and successful execution of Public Private Partnerships.

The United States, the joint statement said, is “committed to making the investments in technology, skills, and infrastructure necessary to maintain and enhance US competitiveness in the global economy.”

On its part, “India intends to take steps to marshal private and public saving to meet the infrastructure needs of a rapidly growing Indian economy,” it said.

(Arun Kumar can be contacted at arun.kumar@ians.in)

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