Press Information Bureau

Government of India

Ministry of Commerce & Industry

21-September-2011 12:29 IST

India US Bilateral Investment Treaty Discussions Nearly Complete: Anand Sharma

Chicago Mayor and Former Obama chief of staff to Lead Trade Mission to India

The Union Minister of Commerce Industry and Textiles Shri Anand Sharma, has indicated that the India-US Bilateral Investment Treaty discussions were nearly complete and he would shortly meet USTR Ron Kirk to discuss other issues related to trade and commerce under the Trade Policy Forum mechanism. The Indian Minister is leading a high level industry delegation of Indian CEOs to the US- India Economic Opportunity & Synergies Summit, organized by Federation of Indian Chamber of Commerce (FICCI) and the Executives’ Club of Chicago at Chicago on September 20, 2011.

Shri Sharma also had a bilateral meeting with Mr. Rahm Emanuel, Mayor of Chicago who has been a former Congressman and Chief of Staff to President Barack Obama. The Mayor thanked the Minister for his visit and indicating his desire to invigorate and strengthen economic ties with India, announced his intention to lead the first trade mission of his tenure to India. Commerce & Industry Minister welcomed the visit and extended his personal invitation as well as reciprocated by announcing a repeat trade mission to Chicago in 2012. At the Mayor’s request Shri Sharma also confirmed that the next meeting of the India Business Forum (IBF) would be held in Chicago. On the occasion of the 150th birth anniversary of Swami Vivekananda in 2013, Mayor Emanuel conveyed the request to Prime Minister Dr. Manmohan Singh to visit Chicago. The Mayor also expressed his interest to promote cultural links with India through the medium of theatre.

At the Inaugural Session, the Minister addressed a wide gamut of issues, and in particular on the continuing economic liberalization process.On the second set of economic reforms in India, CIM assured the audience that it was an ongoing process and the government was committed to furthering reforms. He elaborated that India was an attractive investment destination and a vibrant market. India would be seeking an investment in infrastructure of over a trillion dollars in the next 5 years and United States could be major beneficiary being a leading nation in the world in terms of innovation and technology, which could help India’s growth. India provides a stable framework and rule based law that provides an impetus to investors.

Mr. Sharma congratulated the Executives’ Club of Chicago for completing 100 years and urged businesses in Chicago to increase business ties.

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DS/GK

Bilateral investment treaty talks nearing completion, prompting trade missions and high-level meetings to deepen investment ties. Bilateral Investment Treaty discussions between India and the United States are reported to be nearing completion, with an imminent meeting with the USTR under the Trade Policy Forum to resolve remaining trade issues. High-level bilateral engagement includes reciprocal trade missions and an India Business Forum meeting in Chicago to deepen investment ties. The Minister stressed India's ongoing economic liberalisation, commitment to further reform, and a stable rule-based legal framework to attract foreign investment, highlighting infrastructure financing needs and opportunities for technology transfer.