Committed to bilateral investment treaty with India, says US
"We remain committed to a bilateral investment treaty with India and look forward to holding additional positive and productive technical discussions on a treaty with the Indian Government as quickly as possible," Caitlin Hayden, spokesperson of the National Security Council, said.
"These are complicated issues that will take some time to work through, but both sides have committed ourselves to doing so in a thorough manner," she said, adding the Obama Administration attaches importance to its economic ties with India.
She said the US views economic relationship with India as one of its "most important", and is "actively working" to ensure that both countries are able to lay the groundwork for future opportunities.
Her remarks gain significance in view of the recent news reports that the Obama Administration has set in motion an ambitious global round of trade talks covering Europe and much of Asia, which is bound to influence countries such as China, India and Brazil.Group of top American Senators and US India Business
Council (USIBC), representing American companies doing business in India, have been aggressively pushing for a BIT with India.
"An investment treaty between India and the US will provide protection to Indian and American investors alike from arbitrary, discriminatory, or confiscatory government measures, enforceable by recourse to independent international arbitration," USIBC president Ron Somers said
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