policymakers to enter into a bilateral investment treaty with India,
which
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to strengthen and deepen trade and business ties between the two
largest democracies of the world.
"The priority is to deliver on a US-India Bilateral Investment
Treaty (BIT) that incentivises greater two-way foreign direct investment,"
said Ron Somers, the president of US India Business Council (USIBC)
in his address to the 36th anniversary leadership summit of the organisation,
which is the apex body of the Indian and American corporate world
in the United States.
"USIBC calls upon both governments to re-energise BIT discussions
by re-engaging in technical discussions as soon as possible," Somers
said in the presence of top officials and corporate leaders from
both countries.
"India's growth story is compelling nations around the world
to seek stronger commercial ties with India by negotiating their
own trade and investment agreements," said Harold "Terry" McGraw
III, chairman, president and CEO of The McGraw-Hill Companies.
"The United States and American companies are at risk of being
left behind and extending a period of low, slow economic growth if
we do not do more to foster trade and investment between the US and
India," said McGraw, who also is the USIBC Chairman.
In addition to a US-India bilateral investment treaty, USIBC
urged a serious evaluation of a more specialised bilateral economic
arrangement -- one that will put American companies on a level-playing
field with global competitors.
A new agreement is necessary to open market access and facilitate
greater movement of technically qualified professionals -- areas
important to both economies, the USIBC said.
The USIBC announced it will take the lead to develop a working
group with its Indian counterparts to trade ideas on the elements
needed for a successful US-India economic arrangement, including
details about market access in goods, the free flow of services,
regulatory coherence, high technology trade, intellectual property
rights, procurement and greater movement of professional workers.
In his capacity as USIBC Chairman, McGraw called on business
and government leaders in both countries to find ways to work together
to build on that momentum and create new economic growth that will
lead to more jobs.
"Our two countries have shared values, shared beliefs. The strategic
partnership between the US and India rests on the successful growth
of commercial ties and I am optimistic we can find areas of cooperation
that will lead to more dynamic, two-way growth," he said
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