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US appreciates Indian reforms, lowers trade barriers

The United States on Monday appreciated India's economic reforms and lowered barriers for mutual trade and investment.

''We believe that commercial ties benefit not only business but provide jobs and help the economies of both countries,'' said US Secretary of Commerce William Daley.

''We are pleased that India's economic reforms and lowered barriers to trade and investment are providing US and Indian companies more opportunities to do business together,'' he said, while addressing a business leaders meet of the Indo-US Commercial Alliance in New Delhi.

Daley also lauded the strong presence of US small and medium enterprise in India. ''They represent a particularly dynamic part of the business community in both countries. We would like to see them more involved in bilateral commerce.''

He said small and medium enterprises could relate better to India's development priorities. Daley was addressing a meet organised by the Federation of Indian Chambers of Commerce and Industry.

Accompanying him was Jack Shaw, co-chairman (US side) of the US-India commercial alliance, who said the US's commitment towards India would continue despite political uncertainty. ''Governments change even in the United States but US and Indian business communities remain committed to boost bilateral trade and commerce,'' he declared.

Shaw said the United States would invest $1 billion dollars in India over the next three years.

Earlier, Indian Commerce Minister B B Ramaiah said the economic reforms were irreversible, no matter which political party comes to power after general elections in march. The country need foreign investments in various sectors.

"The power sector alone requires 150 billion dollars,'' he said, and added that the Indo-US commercial alliance was playing a crucial role in promoting trade between the two countries.

The annual Indo-US trade totals nearly $10 billion.

R P Goenka, co-chairman (Indian board) of the alliance, said the government's resolve to push ahead the process of liberalising the economy and integrating it with the global economy was a clear sign of political maturity, like in Japan and Italy.

UNI