With US President Barack Obama visiting next week, India Inc is busy giving finishing touches to their wish list. In an interview with FE?s Huma Siddiqui, Ficci president Rajan B Mittal said agriculture, defence, energy security and environment are some of the areas which have huge potential for cooperation. Experts:

What are the chances of the US considering relaxation in its export control regime for dual-usage technologies, with particular reference to the 16 segments of controls ?

The US administration is reportedly working on the following three areas, and information is expected to be released in the public domain before the visit of President Obama.

Institutions in India ? that are still under the BIS? Entities List ? are likely to be removed from this list, in the process removing the additional restrictions they currently face in conducting licensed trade with US companies. Moreover, India will be elevated to a higher position in the Commerce Country Chart, thereby reducing the categories of items on which licenses are required, as well as the attendant conditions for supply. India is likely to be invited by the four multilateral regimes to become a member ? of course, only after India has completed the lengthy process of completely harmonizing its control list and guidelines with the corresponding regimes (as, e.g. India has largely done with respect to NSG & MTCR).

What would be the focus of Track II strategic dialogue with Brookings Institute?

The Track II US-India Strategic Dialogue is a back-channel dialogue that provides an opportunity for policy experts, political leaders, opinion makers and leading private sector participants to engage in an open exchange of views on critical issues and generate creative ideas for dealing with the multiple challenges confronting India and the US as they develop their strategic partnership.

The first Track II dialogue took place in Washington in June 2010, to coincide with the official U.S.-India dialogue taking place at that time, featured keynote addresses by Indian Foreign Secretary Nirupama Rao and US Under Secretary William Burns. This second Track II dialogue will take place just before US President Obama?s historic visit to India and will serve as a venue for previewing the issues in the relationship.

This dialogue is taking with A team of Brookings scholars and experts include President Strobe Talbott and Vice President for Foreign Policy Martin Indyk, South Asia expert- Steve Cohen, Energy and Security expert- Charles Ebinger, China expert- Dr Cheng Li will join us for the deliberations.

There will be off-the-record sessions on ?The US-India Strategic Relationship: Competing or Complementary Visions of World Order? and ?US and Indian Engagement with Afghanistan and Pakistan? followed by a series of public sessions in the afternoon.

Do you foresee any further cooperation in defence?

India still does not produce any major weapon systems except missiles and nuclear bombs. It, therefore, will continue to need foreign systems in plenty. Indian private sector is yearning to develop its capabilities in this area. With the defence minister AK Antony?s target to work towards achieving 70% production indigenously, this can happen only if technology transfer and capacity building take place from the US.

What can India Inc expect from this visit?

The US could help identify crucial areas for liberalisation and establish channels for education. Initiatives on strengthening cooperation in agriculture and global food security should have active involvement of the private sector and help India start the second green revolution. There is huge potential to collaborate on issues of energy and environment.