Indo-US talks to focus on boosting economic cooperation: Nirupama Rao

NEW DELHI - Foreign Secretary Nirupama Rao on Thursday said India and the US will sign pacts in the field of agriculture, space, clean energy and health during the forthcoming visit of US President Barack Obama beginning from Saturday and will discuss ways in which the two nations can further boost economic ties and realise the enormous potential of economic cooperation.

“Our Prime Minister looks forward to continuing his extremely productive dialogue with President Obama on a range of issues, including the global economic situation; the threat of terrorism; the challenges in our neighbourhood; and our shared goals of sustained security, stability and prosperity in Asia,” said Nirupama Rao.

“The two governments have worked purposefully to expand cooperation in trade and investment, science and technology, clean energy, health, higher education, agriculture etc which are national development priorities for India,” said Nirupama Rao, while addressing the media persons about the upcoming visit of US President Obama.

Nirupama Rao said the bilateral commerce and economic relations have flourished between the two nations, asserting that the economic relationship is growing well in both directions.

“Trade has also diversified and encompasses a wide range of products, services and technology. Bilateral trade in goods and in the services sector is largely balanced. The economic partnership between the two countries will be one important area of focus,” said Nirupama Rao.

” There are a lot of synergies between the two countries. The economic relationship is growing well in both directions,” she added.

The Foreign Secretary further said US is the third largest source of foreign direct investments in India.

” Cumulative FDI inflows from the US from April 2000 to 8.86 billion dollars constituting nearly eight percent of total FDI into India,” she claimed.

Nirupama Rao further said according to US officials, India is the fastest growing source of foreign direct investment in the US.

“They are creating, saving or supporting tens of thousands of jobs in the US. India’s defence acquisitions and major purchases in energy and aviation sectors, for example, are contributing to the US economy,” said Nirupama Rao.

“We have recently signed a Framework for Cooperation in Trade and Investment; and launched an India-US Financial and Economic Partnership to further boost our bilateral economic partnership. The relationship also derives strength from the 2.7 million Indian-origin community in USA has maintained vibrant people-to-people linkages between the two countries,” she added.

President Obama will reach Mumbai in forenoon of November 6 and will first pay homage to victims of terror attacks of 26/11. He will then attend a business summit organized by US-Indo Business Council.

On November 7, he will address town hall meeting and associated events at St Xavier’s College and celebrate Diwali at a primary school. He flies to Delhi the same day and will visit the Humayun’s tomb in the capital. After that, Prime Minister Dr Manmohan Singh will host the Obamas at a private dinner.

The official component of President Obama’s visit is on November 8 beginning with the ceremonial reception at Rashtrapati Bhavan, followed by a visit to Raj Ghat.

President Obama and Prime Minister will meet in the forenoon and discuss bilateral, regional and global developments of mutual concern. They will also discuss how to expand the strategic framework of Indian-US relations on the basis of our shared values and interests.

On conclusion of the Summit level meeting, they will preside over the meeting of the India-US CEO Forum. Thereafter the two leaders will address a Joint Press Conference. (ANI)