India, US ink pact for more private involvement to boost trade

Washington, Mar 18 (PTI) India and US have entered into a
pact that will pave way for increased participation of the
private sector in areas like infrastructure, healthcare and
energy, to enhance bilateral trade and investment.
Indian Commerce and Industry Minister Anand Sharma and US
Trade Representative Ron Kirk Wednesday signed Framework for
Cooperation on Trade and Investment and launched an
initiative--'Integrating US and Indian Small Businesses into
the Global Supply Chain'.
Under the Framework, the two sides intend to meet the
objectives of developing and enforcing trade policies and
fostering a trade-enhancing environment.
"By signing this Framework...we want to create the right
environment to ensure that the relationship brings maximum
benefit to the maximum number of people. We will do so by
promoting inclusive growth," Sharma said.
The two sides would take initiatives like enhancing
opportunities for the private sector partnerships in
infrastructure projects, cooperation in the healthcare,
education, IT, energy and environmental services industries.
The initiative on the SMEs could create new opportunities
for small businesses as well as large firms through greater
public awareness, enhanced public-private collaboration, and a
sharper focus on the benefits of large company and SME
collaboration, the USTR said.
"We have recognised the contribution and potential of
SMEs in our trade and investment agenda by adopting the SME
initiative," Sharma said. The two-way trade was USD 40 billion
in 2008-09. PTI