India, US to have economic pact

NEW DELHI - India and the US will soon start negotiation for a comprehensive economic partnership agreement aimed to boost flow of investment and trade between the two countries, Commerce and Industry Minister Anand Sharma said Tuesday.

In the aftermath of President Obama’s successful visit, we should now seriously consider to engage in negotiations for a comprehensive economic partnership agreement which encompasses trade, investment and services, Sharma said at a conference organised by the Federation of Indian Chambers of Commerce and Industry (FICCI) here.

He said India and the US have already signed a memorandum of understanding (MoU) for cooperation in trade and investment.

We signed an agreement in March on framework of cooperation on trade and investment. I have suggested that we should use that as a foundation for further negotiation on comprehensive economic partnership agreement, Sharma told reporters on the sidelines of conference here.

He said the visit of US President Barack Obama would give a fillip to such agreements.

I have no doubt that if we take incremental steps to build on the strong foundation. India and the United States can truly make the partnership that is defining and that will bring about a paradigm shift in global architecture, the minister said.

However, Sharma said both sides needed to put a lot of efforts to conclude such an agreement. These decisions require elaborate negotiations and we will take calibrated forward steps.