Obama sews up a market for future
Win-win partnership with India
WASHINGTON/NEW DELHI: President Barack Obama’s India visit yielded $10 billion in business deals which will support 54,000 jobs in the United States. Calling India a market of the future, Obama in his deliberations with Prime Minister Manmohan Singh established the indispensability of the US-India partnership. Together they charted the course for the 21st century through a range of issues, activities, and programs that reflect the vision of the two leaders.
Below are summaries of each of the areas the partnership is expected to flourish:
Committed to work together to strengthen the global non-proliferation and export control framework and further transform bilateral export control cooperation to realize the full potential of the strategic partnership between the two countries. The two leaders agreed to take mutual steps to implement a four-part export control reform program, including: support for India’s membership in the multilateral export control regimes, removing India’s Defense and Space-Related Entities from the US “Entity List;” export licensing policy realignment, and export control cooperation.
Partnership for an Evergreen Revolution
Agreed to develop, test, and replicate transformative technologies to extend food security in India as part of an “Evergreen Revolution.” These efforts build on the historic legacy of cooperation between the United States and India during the Green Revolution, and will benefit farmers and consumers in India, the United States, and around the globe, and will extend food security in India, Africa and globally. The Partnership for an Evergreen Revolution will contribute to the bilateral US Feed the Future Initiative.
Since the first bilateral discussions on counterterrorism in 2000, counterterrorism cooperation has become a pillar of the U.S.-India relationship. In the aftermath of the Mumbai terrorist attacks, the US and India resolved to deepen collaborative efforts, and intensify exchanges, culminating in the signing of the Counterterrorism Cooperation Initiative (CCI) in July 2010. This landmark agreement made clear the determination of our two governments to combine efforts to combat terrorism and to work closely to ensure the security of our citizens. Programs to exchange law enforcement best practices, hold reciprocal visits of senior-level officials to discuss lessons learned, conduct joint military training exercises, and joining of forces in international fora on key counterterrorism issues, demonstrate the closeness of this cooperation.
Civil Space Cooperation
Agreed to scale-up joint US-India civil space collaboration, including space exploration, earth observation, and scientific education.
Clean Energy and Climate Change
Reaffirmed commitment to taking vigorous action to address climate change, ensure mutual energy security, and build a clean energy economy that will drive investment, job creation, and economic growth throughout the 21st century. The Leaders strengthened US-India cooperation on energy and climate change through the following initiatives, including a number of joint research and development projects, public-private partnerships, and major commercial sales of renewable energy technologies.
The US and India are advancing efforts to work together to promote a reliable information and communications infrastructure and the goal of free, fair, and secure access to cyberspace in view of its growing role in world prosperity, commerce and culture.
Recognizing the vital role bilateral commerce plays in the global strategic partnership, President Barack Obama and Prime Minister Manmohan Singh highlighted the importance of the US-India CEO Forum and the progress made in implementing its recommendations. The US and Indian governments addressed recommendations in the areas of clean energy, infrastructure, education, and export controls.
The US-India defense relationship has grown from solely military-to-military links into a mature partnership that encompasses dialogues, exercises, defense sales, professional military education exchanges, and practical cooperation. The leaders reaffirmed the importance of maritime security, unimpeded commerce, and freedom of navigation, in accordance with relevant universally agreed principles of international law.
US-India Economic and Financial Partnership
Since US Treasury Secretary Tim Geithner traveled to Delhi in April 2010 to launch the new U.S.-India Economic and Financial Partnership with Indian Finance Minister Pranab Mukherjee, the two governments have institutionalized deeper bilateral relations on economic and financial sector issues. These efforts include a macroeconomic dialogue and financial sector and infrastructure working groups.
The two leaders committed to an expanding, dynamic, and comprehensive education partnership, including expanding academic exchanges, developing university and school linkages, and holding a US-India Education Summit.
This event introduced the President to the next generation of Indian entrepreneurs and showcased innovative partnerships between US and Indian businesses that are creating new markets for US-manufactured technologies. These entrepreneurs represent some of India’s most thoughtful and articulate minds on the major challenges facing India today and showcase the promise of the country’s dynamic, private sector-led inclusive growth. Their innovative business solutions are helping address some of India’s most vexing challenges – such as clean water, power, health care, education – while creating new markets for their US technology partners.
The National Export Initiative
As part of the National Export Initiative, President Obama noted that India — with its tremendous economic growth and its large and growing middle class — is a key market for US exports. These involve some of our country’s largest companies, but also an increasing number of small and medium-sized enterprises. On the margins of the President’s trip, trade transactions were announced or showcased, exceeding $14.9 billion in total value with $9.5 billion in US export content, supporting an estimated 53,670 US jobs.
Indian Investment in the US
The US is the world’s largest recipient of Foreign Direct Investment (FDI). India is among the fastest growing investor in the United States. Over the last decade, investment capital from India grew at an annualized rate of 53% reaching an estimated $4.4 billion in 2009. This growing flow of capital from India reflects the increased integration of the two economies and has brought many benefits to the United States, increasing US exports and supporting tens of thousands of jobs in the last six years alone.
The two countries signed a memorandum of understanding that provides a general framework for cooperative activities in working with India’s Global Centre for Nuclear Energy Partnership, which India announced at the 2010 Nuclear Security Summit. In working with India’s Centre, the United States will give priority to discussion of best practices on the security of nuclear material and facilities, development of international nuclear security training curricula and programs, joint outreach on security issues to their respective nuclear industries, and cooperation on other nuclear security activities as mutually determined.
Deepening Strategic Ties
Renewal of commitment to expand cooperation on strategic issues facing the United States and India and to deepen and broaden strategic consultations on core foreign policy issues of mutual concern. Such consultations reinforce Prime Minister Singh’s and President Obama’s vision of transforming the US-India relationship into a true global partnership that reflects the extensive and growing strategic ties between our two countries.
US-India Development Collaboration in Afghanistan
Close collaboration to assist the people of Afghanistan by identifying opportunities to leverage our relative strengths, experience and resources. The collaboration will focus on agricultural development and women’s empowerment, where Afghanistan’s needs are great.
Securing the Air, Sea, and Space Domains
The United States and India have launched a dialogue to explore ways to work together, as well as with other countries, to develop a shared vision to protect peace, security, and development to safeguard sea, air and space, recognizing that in an increasingly interconnected world, it is vital to safeguard these areas beyond national jurisdiction to ensure the security and prosperity of nations.
India Post News Service