Describing as a "milestone" the India visit of President Barack Obama, government today welcomed the US decision to ease export controls on dual-use items and removal of certain Indian companies from the Entity List. Making a suo moto statement on Obama's visit in the Lok Sabha, External Affairs Mi nister S M Krishna said the visit was successful in strengthening mutual understanding on regional and global issues, accelerating the momentum of bilateral cooperation and creating a long-term framework to elevate the strategic partnership to a new level.

A number of initiatives were announced during the three-day visit from November 6 in various areas including security, science and technology and healthcare, he said.

"India-US relations have matured over the years. We conduct this relationship in a spirit of mutual respect and as equal partners," Krishna said.

Talking in the context of Obama's visit, he said it was a "milestone in the process of strengthening the strategic partnership between the world's two largest democracies and in bringing two peoples closer."

He underlined that the India-US relationship stands on its own merits and is not directed against any other country. "It is a relationship that is based on shared values and growing opportunities for mutually-beneficial bilateral cooperation and a global partnership. It is an important factor for peace, stability and prosperity in the region and the world," Krishna said.

He welcomed the US decisions announced during Obama's visit to ease export controls on dual-use items, removal of Indian entities from the "so-called Entity List" of the US, realignment of India in US export control regulations as well as the intention of the US to support India's full membership in the multilateral export control regimes.

In a statement on the Prime Minister's visit to Japan, Malaysia, Vietnam and South Korea recently, Krishna said the government will re-double efforts and take the relationship with East Asian countries to new heights.