ID :
149056
Sun, 11/07/2010 - 20:13
Auther :
Shortlink :
https://oananews.org//node/149056
The shortlink copeid
Open up your markets: Obama to India
Mumbai, Nov 7 (PTI) US President Barack Obama Sunday
sought reciprocity in trade and access to Indian market to
allay the fears of Americans that the relationship was a
one-way street.
"We want access to Indian markets. We want to sell in
India... It's not unfair for US to say that if our economy is
open, then the countries with whom we trade will have to
change their terms," the President said.
His remarks came while interacting with students at
St.Xaviers college in the west Indian city of Mumbai and in
the backdrop of US companies seeking access to India's
financial markets, retail and other sectors.
He, however, assured that the US would reciprocate
India's efforts to strengthen trade ties.
Indo-US bilateral trade stood at USD 36.6 billion in
2009-10 and Obama Saturday hoped to double US exports in the
next five years. US exports to India account for only two per
cent of all the goods Washington ships out to the world.
Stating that the US has gone through the toughest two
years following the financial meltdown and economic slowdown
of 2008, he said India had weathered this crisis better than
any other country.
"India is not just a rising power, it has already risen.
Its economy has risen at a breathtaking rate... we look
forward to a greater role for India at the world stage," he
said, recalling the joint efforts between the two countries at
at a grouping of the world's 20 top economies (G20).
Obama said ever since he could remember he had seen
the US as a dominant economic power that could deal with the
rest of the world on its terms.
"Now because of the rise of India, China and Brazil and
some other nations, there is a real competition out there and
potentially healthy. This is keeping the US on its toes,
because I feel we still can compete," Obama said.
Only because the US was the world's largest economy and a
huge market, others just could not come to sell their products
and make it a one-way street, he said.
To a question related to his Democratic party's poll
reversal, he said people in the US were frustrated with rising
unemployment relative to several decades and the slow pace of
progress.
On trade, he said without reciprocity, Americans would
end up feeling it's a bad relationship. PTI TEAM
SAK
sought reciprocity in trade and access to Indian market to
allay the fears of Americans that the relationship was a
one-way street.
"We want access to Indian markets. We want to sell in
India... It's not unfair for US to say that if our economy is
open, then the countries with whom we trade will have to
change their terms," the President said.
His remarks came while interacting with students at
St.Xaviers college in the west Indian city of Mumbai and in
the backdrop of US companies seeking access to India's
financial markets, retail and other sectors.
He, however, assured that the US would reciprocate
India's efforts to strengthen trade ties.
Indo-US bilateral trade stood at USD 36.6 billion in
2009-10 and Obama Saturday hoped to double US exports in the
next five years. US exports to India account for only two per
cent of all the goods Washington ships out to the world.
Stating that the US has gone through the toughest two
years following the financial meltdown and economic slowdown
of 2008, he said India had weathered this crisis better than
any other country.
"India is not just a rising power, it has already risen.
Its economy has risen at a breathtaking rate... we look
forward to a greater role for India at the world stage," he
said, recalling the joint efforts between the two countries at
at a grouping of the world's 20 top economies (G20).
Obama said ever since he could remember he had seen
the US as a dominant economic power that could deal with the
rest of the world on its terms.
"Now because of the rise of India, China and Brazil and
some other nations, there is a real competition out there and
potentially healthy. This is keeping the US on its toes,
because I feel we still can compete," Obama said.
Only because the US was the world's largest economy and a
huge market, others just could not come to sell their products
and make it a one-way street, he said.
To a question related to his Democratic party's poll
reversal, he said people in the US were frustrated with rising
unemployment relative to several decades and the slow pace of
progress.
On trade, he said without reciprocity, Americans would
end up feeling it's a bad relationship. PTI TEAM
SAK
