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'US should negotiate investment treaties with China, India'

world Updated: Jan 13, 2012 11:20 IST

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The US needs to negotiate more bilateral investment treaties with India and China if it wants to be competitive in the global market, the US Chamber of Commerce has said.

"We need to negotiate more bilateral investment treaties to ensure that American investors are treated fairly overseas, and India and China should be high on the list for negotiating those treaties," US Chamber of Commerce President and CEO Thomas Donohue said.

"Do you know that we rank 44th in the world in the number of such treaties? And that's a fundamental competitive disadvantage for the United States and our workers.

"We must not overlook the extraordinary benefits of expanding tourism and business travel to the United States," he said in his remarks at the US Chamber.

The US also needs to broaden visa waiver programmes to limit wait times at customs and to implement trusted traveler programs to reduce the hassle without jeopardising security.

"By simply restoring our share of the travel market to the 2001 levels, we could realise USD 860 billion in new economic stimulus and create 1.3 million new jobs at no cost to the American taxpayers," he noted.

The head of the US Chamber of Commerce said it is time to get moving on additional free trade agreements.

"There's interest in Brazil and Egypt, and India and Indonesia and just a few of the countries that should be on our list for consideration," he said.