Resolution seeks FTA between US, India
Two law-makers have introduced a resolution in the US House of Representatives urging that Washington should initiate talks with New Delhi to enter into a free trade agreement.Updated: Jan 21, 2008 08:47 IST
Seeking an expansion in bilateral trade between the US and India, two law-makers have introduced a resolution in the US House of Representatives urging that Washington should initiate talks with New Delhi to enter into a free trade agreement.
Republican David Dreier, who is the Ranking Member on the Rules Committee, and Democrat Joseph Crowley have introduced the resolution observing that the move would help US service industry to expand and create large employment opportunities.
"From an economic perspective, India represents a huge economic opportunity for American farmers, workers and businesses, particularly in California. Increased trade with India could help lift millions of people out of poverty," Dreier said in a statement.
"Maintaining a strong US-India relationship is strategically, politically and economically important to both of our nations. We should begin negotiating ways to further strengthen our countries' economic ties," said Crowley.
"Through the exchange of products and ideas, we will help one of our closest democratic allies continue to grow. We will also help the US service industry expand its reach throughout the world," the New York law maker added.
The United States is already India's largest trading and investment partner. In 2006, trade between the two countries was valued at USD 32 billion. American exports to India have doubled over the last five years.
"Yet, significant barriers to the free flow of goods, services, and capital still exist in the Indian market," the statement added.