The newly appointed US Ambassador to India, Ms Nancy Powell, said that Washington's announcement last week of a new model Bilateral Investment Treaty (BIT) should provide a basis for launching formal negotiations between India and the US.
Addressing a meeting of the American Chamber of Commerce in India on Friday, she said, “A BIT (agreement) would enhance transparency and predictability for investors and support economic growth.”
Ms Powell noted that trade has grown immensely between the countries in recent years. US goods exports to India have jumped from $3 billion in 1995 to $21 billion now. “It can only go up,” she said adding that US is poised to sign an additional $8-billion in Direct Commercial and Foreign Military sales with India.
The US President, Mr Barack Obama, recently called for reforms to export control system to create a streamlined approach to secure trade. “This new approach will help US exporters to be more competitive and reliable suppliers of technologies,” she added.
The Envoy added that the US in turn expects India to sign up to and adhere to appropriate international regimes.
heena.k@thehindu.co.in