India, US sign Trade Policy Forum Framework

New Delhi, Mar 18 : India and the US have signed the Trade Policy Forum Framework for Cooperation in Trade and Investment between the two countries. The agreement which was signed by Commerce and Industry Minister Anand Sharma and US Trade Representative, Ron Kirk, in Washington yesterday, seeks to build on the success of the Trade Policy Forum by facilitating trade and investment flows between the two countries.

Both the countries also announced launch of an initiative 'Integrating U S and Indian Small Businesses into the Global Supply Chain' which aims at expanding trade and job-creating opportunities for US and Indian small and medium-sized companies. Speaking at the signing ceremony Mr Sharma said this Framework for Cooperation on Trade and Investment was signed to create the right environment to ensure that the relationship brought maximum benefit to the maximum number of people.

''We will do so by promoting inclusive growth. We also intend to use this Framework to encourage the development and deployment of clean energy and environmental technologies as well as support India's infrastructure growth,'' he said. He said further, both countries had recognised the contribution and potential of Small and Medium Enterprises in Trade and Investment agenda by adopting the SME initiative to create fresh opportunities for small and medium enterprises in both countries and help in integrating them in the Global supply chain.

Mr Sharma spoke about the benefits of commencing negotiations on a Totalization Agreement and said due to the absence of such an agreement, Indian companies in the US were making double payments of social security, without getting any benefits. He also raised the issues of visas for Indian professionals, restrictive trade measures and the need for reform of US export controls to promote high technology trade between India and the US.