US seeks strong investor protection rules in bilateral pact
"We're aiming for a BIT that gives a high level of openness to investment across the economy, provides strong rules on investor protection and transparency, and offers
effective means for resolving investment disputes," said Robert D Hormats, US Under Secretary Of State for Economic Growth, Energy and Environment.
He was speaking at the CII's Global Partnership Summit last evening.
With an aim to boost bilateral investments, the US and Indian governments are engaged in BIT negotiations.
Under the science and technology cooperation, Hormats said, the two nations are working together on earth observation satellite projects which would help in predicting monsoon patterns and respond to natural disasters.
On energy sector, he said the US is seeking a broader and deeper dialogue on energy.
The Clean Energy Finance Center in New Delhi which represents US agencies has mobilised over USD 1.7 billion for projects in India.
"We both benefit from our comprehensive strategic dialogue on energy, in light of dramatic changes in technology and in the global energy market.
"This dialogue takes on even more importance with the growing role of the Indian Ocean in global energy shipments, regional energy and maritime security, growing power needs, and sustainable clean energy objectives," he said.
He further said although both the sides have come far, "we still have more work to do to ensure this relationship
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