Source: Thehindu.com
HYDERABAD, January 13, 2012
Special Correspondent
Co-Chair of the U.S. Senate’s India Caucus Senator Mark R. Warner said that they were pushing the Obama administration to expedite the signing of a Bilateral Investment Treaty (BIT) with India to protect investors from both countries.
Addressing a press conference along with two other senators, Michael Bennet (Colorado) and Tom Udall (New Mexico), on the sidelines of the CII Partnership 2012 here on Thursday, Mr. Warner said BIT would be the first step forward as it would take some time to work through to have a Free Trade Agreement between the U.S. and India. He said that he had written to President Barack Obama urging to him move this (BIT) up. On return to the U.S., they would press their case harder, he added.
Emphasising that BIT would help protect American investors in India and vice versa, he pointed out that Indian IT companies were looking forward to expand their footprints in the U.S.
He said that they saw tremendous opportunities in India in various sectors, including bio-pharma and lifesciences.
On outsourcing, Mr. Warner said the concerns on outsourcing were less at present than what they were five-six years ago. Observing that U.S.-India Caucus was the largest in U.S. Congress, he said the ties between the two countries were one of the most important strategic relations of the 21 century. Government-to-government relations could sometimes have “bumps”’ but it was important to continue economic trade.
Addressing a plenary session later on “The India and U.S. promise: partnership for progress”, Mr. Warner expressed disappointment over the Indian Government’s decision to move back on allowing FDI in multi-brand retail and hoped that it would be revisited.
It was also a matter of concern that civilian nuclear liability issue was yet to be resolved.
Mr. Warner said they were also trying with the Obama administration to increase the H1B visas, lower the threshold of capital for Indian entrepreneurs and to enable faster path for green card to Indian students.
Mr. Udall said there was tremendous potential for cooperation and partnership between the two countries in the field of renewable energy. Mr. Michael Bennet, describing the partnership as a ‘two-way street’, said the 21 century economy had to be based on innovation.
Sanjaya Baru, Director for Geo-economics & Strategy, International Institute for Strategic Studies, London, who chaired the session, said the kind of trust that was developed between the Bush administration and Prime Minister Manmohan Singh between 2005 and 2008 was not persisting now and stressed the need to rebuild it.
B. Muthuraman, President, CII, and Vice-Chairman, Tata Steel, also spoke.
