Friday, Jun 13, 2003
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By Sridhar Krishnaswami
"There are, between the two countries, large areas of convergence and divergence but we can work together for better relations, with one representing the world's largest economy and the other the economy of one-sixth of the world's population whose gross domestic product in purchasing power parity terms is the world's fourth largest,'' Mr. Jaitley said here. The Minister was speaking at the re-launch of the United States-India Commercial Dialogue, an institutional arrangement that was put in place at the time of the visit of the former U.S. President, Bill Clinton, during his visit to India in 2000; and one that involves the United States-India Business Council, the Confederation of Indian Industry and the Federation of Indian Chambers of Commerce and Industry. Mr. Jaitley said it valued the relationship with the U.S. The dialogue, among other things, facilitated both countries to understand their respective positions while stressing the need for an increase in the frequency of the dialogue. On Wednesday, Mr. Jaitley had a session with the Commerce Secretary, Don Evans, and was expected to meet the U.S. Trade Representative, Robert Zoellick. The other participants were the Deputy Secretary of Commerce, Samuel Bodman, who said that it had been almost three years since the last Commercial Dialogue session was held and "that's far too long." But for someone who had been highly critical of the low levels of U.S. exports to India, the senior administration official said that he could report some "good news''. U.S. exports to India increased by nine per cent in 2002 and crossed the $ 4 billions for the first time; and the rise in the first quarter has been almost 26 per cent; U.S. imports from India rose another 21 per cent last year and increased 20 per cent in the first quarter of this year; and as of 2001 U.S. direct investment in India posted a net position of $ 1.7 billions, Mr. Bodman said. "So, while we have inched forward, India's immense potential in the global economy is far from being realised. ``India must be a more significant commercial partner for the United States. Opportunities are being missed for the business communities on both sides," Mr. Bodman said, adding that considerable progress had been made recently and that "India must continue to "move forward'' with economic reform. "We have seen considerable progress but much remains to be done to create attractive and supportive business climate... including further tariff reductions, increases in foreign direct investment limits, implementation of the value added tax, improved intellectual property protection as well as implementation of the recently-passed Electricity Reform Bill," Mr. Bodman said. "This is a big agenda. But the fulfilment of it would improve the conditions for commercial partnership with U.S. companies, for economic growth in India...and, most importantly, for improved living standards for the Indian people," the senior administration official said.
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