The US is pushing for greater access to India’s agriculture, services and financial sector

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markets. On its part, India is willing to engage the US establishment for expanding bilateral trade and investments.

Export of mangoes from India and import of motorcycles from the US, besides larger trade deals in areas like agriculture, innovation and creativity, investment, services, tariff and non-tariff barriers were discussed between the US trade representative Ron Kirk and India commerce minister Anand Sharma at the trade policy forum (TPF) here on Monday.

The joint communiqué after the TPF reflects the growing eagerness on both sides to take the economic relations to the next level.

Though both sides seem eager, the possibility of signing a comprehensive economic cooperation agreement (CECA) during PM Manmohan Singh’s visit to the US next month seems bleak.

Briefing the media after the meeting, Kirk hinted that both sides were working on finer details of proposed investment treaty. Sharma endorsed this line.

In the meeting, Kirk pushed India to further liberalise its financial sector and improve its intellectual property rules to enable better trade and investment flows. “We would also like to see more improvement and openness in the investment environment for US businesses in India. The outstanding issues that the US has asked for more attention include improving its intellectual property rights (IPR) regime,” Kirk said.

Sharma endorsed Kirk’s view and said the two countries would work towards signing an agreement on IPR. However, he refused to give a timeframe.

Kirk said that a successful conclusion to the Doha round of trade talks was possible by next year-end provided countries (read India) were ready to open their services trade more.

Both sides are believed to have discussed greater engagement in infrastructure, healthcare, education, IT and energy.

India's exports to the US touched $20.7 billion or 12.7 per cent of its total exports in 2007-08, while imports were at $21 billion.

US firms invested $32 billion in India between April 2000 and July 2009, which is 8 per cent of India's total FDI inflows, according to government data.

On concerns over H-1B visas, Sharma said, “H1B visas have been discussed candidly.” He maintained that any move to discourage movement of Indian IT professionals from travelling abroad would be a negative step. The Indian IT industry has invested $106 billion over the past few years, creating over 300,000 jobs.