Removing FDI barriers in high-tech trade, US urges India

July 11th, 2011 - 4:21 pm ICT by IANS  

New Delhi, July 11 (IANS) The US Monday pressed India to dismantle barriers to foreign direct investment and ease procurement processes to increase bilateral defence and high-tech cooperation.

“India has embarked on a military modernization program, which is expected to receive $35 billion over the next five years,” Eric L. Hirschhorn, U.S. under secretary of industry and security, said Monday.

“We must find new ways to break down tariff and non-tariff barriers to trade that stifle cooperation,” Hirschhorn said. He added that US companies have got contracts worth $8 billion from India in the last few years, but stressed that there’s enough room to grow the business.

Hirschhorn was speaking at the eighth meeting of the India-U.S. High Technology Cooperation Group that was set up in 2002 for promoting dual-use high-technology trade between India and US by addressing systematic barriers.

Hirschhorn also held talks with Foriegn Secretary Nirupama Rao that revolved around issues relating to further easing of high-tech trade between the two countries.

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