By Smita Prakash

Washington, Nov 23 (ANI): The Prime Minister, Dr. Manmohan Singh, on Monday said that the civil nuclear cooperation agreement between India and the United States should be seen as a landmark achievement in relations between the two countries, adding that once it becomes fully operational, it will open large commercial opportunities for US business.

Addressing the US-India Business Council (USIBC), the premier business advocacy organization representing America’s top companies investing in India, joined by global Indian companies promoting economic reforms with an aim to deepen trade and strengthen commercial ties, Dr. Singh said: “In today’s economically integrated world, economic relationships are the bedrock on which social cultural and political relationships are built. A strategic relationship that is not underpinned by a strong economic relationship is unlikely to prosper.

“On the other hand, a web of economic relationships intensifies both business to business and people to people contacts, promoting a deeper and better understanding between countries. That is the kind of relationship we want with the United States,” Dr. Singh added.

“Our engagement with the US has been expanding on many fronts, throwing up new business opportunities. The nuclear agreement was a landmark in Indo-US relations and, I would like to acknowledge with deep appreciation, the very supportive role American business has played in persuading Congress to support the initiative,” Dr. Singh said.

“We are currently finalising the details that will make the agreement fully operational. Once that is done, it will remove restrictions on the flow of technology in nuclear and many other areas. This will open a large area of commercial opportunities for U.S. business,” he added.

The ultimate aim of the US-India civil nuclear deal is to enable India to gain access to state-of-the-art civil nuclear technology to enable it to keep pace with the growing demand for energy, achieve energy security, and help it to diversify and promote clean and environment-friendly source of energy.

The Chairman of USIBC and Pepsico Chairperson Indra K. Nooyi and the president of the US Chambers of Commerce, Tom Donohue, along with business leaders of both countries were present on the occasion.

Since August of 2007, both India and the United States have adopted a step-by-step process to negotiate and agree on the signing India-specific IAEA protocols on nuclear safeguards; securing exemption from the 45-nation Nuclear Suppliers Group (NSG) to facilitate civil nuclear trade with India; and seek US Congressional approval to the 123 Agreement.

The USIBC was formed in 1975 at the request of the U.S. and Indian Governments to involve private sectors of both countries to enhance investment flows between both countries.

The USIBC serves as a direct link between business and government leaders, resulting in increased trade and investment.

The USIBC is partnered with the premier industry and trade associations in India, including the CII, the FICCI, and the American Chamber of Commerce in India, the NASSCOM, The Indus Entrepreneurs, and the Indo-American Chamber of Commerce (IACC). (ANI)