US, India develop economic cooperation

Monday 3 November 2014 14:19 CET | News

The US and India have committed to working together to facilitate greater investment in both directions, to open new Indian sectors to private investment, and to address impediments to growth that will enable trade between the two countries.

Bilateral economic agreements between US and India rendered a fivefold increase from USD 19 billion in 2000 to USD 97 billion in 2013, reports.

The US welcomes Indias offer to be lead partner in developing smart cities in Ajmer (Rajasthan), Vishakhapatnam (Andhra Pradesh) and Allahabad (Uttar Pradesh). The Indian Department of Commerce plans to conduct a series roundtable discussions with other US government agencies and also discussions between US industry groups with their Indian counterparts to identify actionable solutions and plans to design and implement novel infrastructure platforms for new Indian smart cities.

In terms of digital initiatives, under the Joint Declaration of Intent for Cooperation in the Field of Information Communications Technology and Electronics, the US and India agreed to partner on the Digital India initiative, with the goal of enhancing digital infrastructure, deploying e-governance and e-services, and digitally empowering India’s citizens.

The US Department of Commerce and the Indian Ministry of Finance agreed to establish an Infrastructure Collaboration Platform that will include mechanisms to identify and clarify critical infrastructure needs of India, provide a single government of India point of contact for coordinating across ministries and work with US and Indian industry to facilitate a substantial increase in US industry participation in the execution of Indian infrastructure projects in various sectors.


In order to facilitate greater confidence in cross-border trade and investment, the US and India are working to resolve outstanding tax disputes. In support of the Select USA and the Export-Import Bank of India partnership, cemented on July 30th, 2014 both organizations will work together to assist Indian companies and entrepreneurs as they seek to invest and create jobs in the US.

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Keywords: US, India, economy, trade, cooperation, investment, growth, ecommerce, digital economy, agreement, initiative
Categories: Payments & Commerce
Countries: World
This article is part of category

Payments & Commerce