News / USA

US, India Launch Economic Partnership

India Finance Minister Pranab Mukherjee and  US Treasury Secretary Timothy Geithner in New Delhi, 06 Apr 2010
India Finance Minister Pranab Mukherjee and US Treasury Secretary Timothy Geithner in New Delhi, 06 Apr 2010

The U.S. treasury secretary and India's finance minister have kicked off what they are calling a new economic and financial partnership between the two countries.

U.S. Treasury Secretary Timothy Geithner was hosted by Finance Minister Pranab Mukherjee at the first meeting of the partnership.

During a brief news conference afterwards, Geithner spoke of the potential for cooperation between the two giant economies, but he was short on offering specifics.

"We're at a time of great optimism in the United States and around the world about the prospects for growth and reform in India," he said.  "And I think we have a chance to demonstrate together that this economic relationship offers very promising growth and opportunities for American firms just as it does for Indian firms."

Indian Finance Minister Pranab Mukherjee speaks to reporters in New Delhi, 06 Apr 2010
Indian Finance Minister Pranab Mukherjee speaks to reporters in New Delhi, 06 Apr 2010

Mukherjee suggested opportunities for American investment in India's booming infrastructure expansion. "In a five-year period more than 600 billion U.S. dollars could be invested in ports, in roads, in communications," he said.  

Both officials steered clear of mentioning China or its currency policy, which is under intense international scrutiny.

The U.S. Treasury Department has delayed a report it had been scheduled to release next week which will make a determination on whether Beijing is manipulating its currency, the yuan.

Geithner, who spent five years of his childhood living in the Indian capital, is on his first trip to the country as Treasury secretary. He is to meet with business leaders in the country's commercial capital, Mumbai, on Wednesday.

Geithner met with Indian Prime Minister Manmohan Singh after visiting a mobile banking site in New Delhi Tuesday morning.

Domestic media reports say the visiting U.S. official asked Indian leaders for greater access to financial services markets, such as insurance.

While relations have warmed between Washington and New Delhi in recent years, efforts to reach economic accords between the two democracies have always been difficult. Their disagreements, especially about the agricultural sector, are blamed for leading to the scuttling in 2008 of global trade negotiations.

Despite the differences, American investment in India has been expanding - increasing by ten times during the past decade while total two-way trade during that time frame has tripled.

You May Like

Video On the Scene: In Gaza, Darkness Brings Dread and Death

Palestinians fear nighttime raids, many feel abandoned by outside world, VOA's Scott Bobb reports More

African Small Farmers Could Be Key to Ending Food Insecurity

Experts say providing access to microloans, crop insurance, better storage facilities, irrigation, road systems and market information could enable greater production More

University of Michigan Wins Solar Car Race

Squad guided its student-designed solar-powered vehicle to fifth consecutive time victory in eight-day bi-annual American Solar Challenge More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Vietnamese Staging Chinese Product Boycott After Oil Rig Spati
X
Reasey Poch
July 28, 2014 7:18 PM
China recently pulled an oil rig from an area of the disputed South China Sea that Vietnam also claims. Despite the action, the incident has had a lingering effect on consumers in Vietnam. VOA's Reasey Poch reports from Hanoi on an effort to boycott Chinese products.
Video

Video Vietnamese Staging Chinese Product Boycott After Oil Rig Spat

China recently pulled an oil rig from an area of the disputed South China Sea that Vietnam also claims. Despite the action, the incident has had a lingering effect on consumers in Vietnam. VOA's Reasey Poch reports from Hanoi on an effort to boycott Chinese products.
Video

Video ESA Spacecraft to Land on a Comet

After a long flight through deep space, a European Space Agency probe is finally approaching its target -- a comet millions of kilometers away from earth. Scientists say the mission may lead to some startling discoveries about the origins of the water on earth. VOA’s George Putic has more.
Video

Video Young Africans Arrive in US for Leadership Program

President Barack Obama's Young African Leadership Initiative has brought hundreds of young Africans to the United States for a six-week program aimed at building their knowledge and skills in fields such as public administration and business. Out of the 50,000 young Africans who applied for the program, just one percent was accepted. VOA's Laurel Bowman caught up with some of those who made the cut and has this report.
Video

Video In Honduras, Amnesty Rumors Fuel US Migration Surges

False rumors in Central America are fueling the current surge of undocumented young people being apprehended at the U.S. border. The inaccurate claims suggest the U.S. will give amnesty to young migrants from the region. As VOA's Brian Padden reports from Honduras, these rumors trace back to President Obama's 2012 executive order to halt deportations for some young undocumented immigrants already living in the United States.
Video

Video Students in Business for Themselves

They're only high school students, but they are making accessories for shoes, fabricating backpacks and doing product photography - all through their own businesses. It's the result of a partnership between a non-profit organization that teaches entrepreneurship and their schools. VOA's Mike O'Sullivan and Deyane Moses met the budding entrepreneurs near Los Angeles.
Video

Video Astronauts Train in Underwater Lab

In the world’s only underwater laboratory, four U.S. astronauts train for a planned visit to an asteroid. The lab - called Aquarius- is located five kilometers off Key Largo, in southern Florida. Living in close quarters and making excursions only into the surrounding ocean, they try to simulate the daily routine of a crew that will someday travel to collect samples of a rock orbiting far away from earth. VOA’s George Putic has more.

AppleAndroid