India And The USA Should Become Closer Trading Partners

29 June 2011 - Which Way To Pay

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India And The USA Should Become Closer Trading Partners


The USA is attempting to woo India into becoming one of its top ten trading partners. The treasury secretary Timothy Geithner said that in order that the two countries become more closely aligned they must open their respective markets to each other.

India is currently ranked as America’s twentieth largest trading partner. The United States would like to change this. As one of the BRIC states, India is one of the two countries that America can most easily align itself with. In terms of political outlook India is an attractive Asian ally.

The treasury secretary said that “we are watching India’s rise as an economic power, we support it. We encourage it. And we want to help advance it”.

The aim of the talks between the two countries is to strengthen economic engagement in three main areas; macroeconomic challenges, financial sector reforms and infrastructure finance. However the US has asked that India opens more sectors within its domestic market.

American companies are not able to enter the Indian market place if they want to compete in banking, insurance, manufacturing or infrastructure. Geithner’s complaint was that India’s partially closed economy halted both wealth and job creation.

Although there may be a willingness to change the economy among India’s top ministers convincing the rest of the government and the electorate may be much more difficult.

Both men came away from their meeting pleased with the outcome but actions will speak louder than words.          

 

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