India, US pledge to stimulate global economic revival - India News and Travel Times Provides India-centric and other News and Features

Prime Minister Manmohan Singh and President Barack Obama on Tuesday took note of the new opportunities offered by their economies and their respective strengths, and their potential for future growth to catalyze global economic growth, and pledged to create conditions that would facilitate their continued expansion. In a joint statement issued at the White House here after one-to-one and delegation-level meetings, the two leaders also noted that the United States is currently the largest trading partner of India in goods and services, and reiterated their pledge to bolster and deepen cooperation on economic, trade and agricultural issues, including working bilaterally and with multilateral trade organizations to foster increased trade. Both leaders welcomed the potential for further expanding trade and investment between their countries, including in sectors such as infrastructure, information and communication technologies, healthcare services, education services, energy and environmentally friendly technologies. As members of the G 20, they agreed to advance the G 20 understandings including with regard to energy security and resisting protectionism in all its forms. The two leaders agreed to facilitate greater movement of professionals, investors and business travelers, students, and exchange visitors between our two countries to enhance their economic and technological partnership. They committed to strengthen and reform the global economic and financial architecture in the G-20, World Bank and the IMF. They resolved to seek an ambitious and balanced outcome of the Doha Round, consistent with its mandate and reaffirmed their commitment to an open, fair, equitable, transparent and rule-based multilateral trading system. The two leaders announced their intention to develop a Framework for Cooperation on Trade and Investment. This Framework is expected to foster an environment conducive to technological innovation and collaboration, promote inclusive growth and job creation, and support opportunities for increased trade and investment - including for small and medium-sized enterprises. They agreed to launch the U.S.-India Financial and Economic Partnership to strengthen engagement on economic, financial, and investment-related issues. The two leaders welcomed the progress achieved in the discussions on a Bilateral Investment Treaty and pledged to take further initiatives that would contribute to creating a more conducive environment for investment flows. They recognized the contribution of the business and industrial sectors of both countries in this regard and called upon the India-U.S. CEOs Forum to identify new directions in the India-U.S. economic relationship.