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Sarkaritel.com News and Features
India has become a
destination for international cooperation
New Delhi, November 29, 2006
Bilateral trade between India and the US is expected to
increase to US $ 30 billion this year. Reforms in India in
agricultural sector, commercial satellite services and
financial services, can largely help improve bilateral trade
between India and the US as the US already enjoys a positive
trade balance in services with India.
Additional reforms in opening up commercial satellite
services for broadband internet and distance learning, greater
reforms for financial institutions besides agricultural
reforms can help boost the economy, just as autonomous reforms
and reduction in tariffs have allowed Indian economy to grow.
Growth rate of total bilateral trade has shown a quantum
growth of 29.09 percent in 2005-06 from 25.67 percent in
2004-05. India maintains a healthy positive trade balance with
US amounting to US $7.9 billion, which is increasing over
time.
As India’s total exports to the world have doubled from US
$ 52.7 billion in 2002-03, to more than US $ 103 billion in
2005-06, it is increasingly becoming a preferred destination
for international cooperation.
Areas for economic cooperation between India and the US by
far include infrastructure, IT, telecom, energy,
pharmaceuticals and biotechnology. Now India is looking for
data exclusivity in the field of intellectual property also.
The new economy in is based on knowledge and productivity and
the two sides need to work together to improve their position
on important areas. Constant engagement and understanding of
mutual needs of each other will further help improve their
bilateral trade and strengthen partnership.
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