India, US Strategic and Commercial Dialogue on August 30

These mechanisms have provided appropriate platforms for sustained interaction between public and private sector to work together to identify newer areas of cooperation and to work around challenges and impediments to smoothen the flow of the relationship, she said.

Bilateral trade between India and the US has gathered strength rising to more than $105 billion during the 2015-16 financial year, amidst an otherwise sluggish scenario in global trade, commerce and industry minister Nirmala Sitaraman said at the annual India-US strategic and commercial dialogue.

US Secretary of Commerce Penny Pritzker congratulated the Government of India for its recent policy reforms, and she remarked that investors are enthusiastic and can feel the power of change.

Sitharaman also said that India’s concerns on the issue of difficulty in obtaining visas by Indians seeking to work in the U.S. had been conveyed to the American government. “I raised that this sector holds lot of potential and if there are investors from the USA who wants to join them (Indian firms), I suggested that they need not to wait for the next round of talks and the medical device sector people can form a a delegation and come”, she added.

The minister also said India is working closely with the United States and other key stakeholders in worldwide fora like the WTO, World Bank, IMF and the UN Security Council.

During the S&CD, Pritzker and Sitharaman reviewed the progress made since the last meet under the four work streams relating to infrastructure collaboration and smart cities, ease of doing business, innovation and entrepreneurship and standards.

“In line with the CEO Forum recommendations, a number of concrete measures have been undertaken”, the statement said.

“India and U.S. will co-host 2017 Global Entrepreneurship summit in India”.

On the delay in negotiations on a Bilateral Investment Treaty (BIT), Sitharaman said India has shared its model BIT text with the United States and was awaiting a response.

In line with the CEO Forum recommendations to boost the renewable energy sector, the both sides are working on the US-India Energy Finance Initiatives, which is expected to mobilise upto $400 million by 2020.

Both sides welcomed the addition of travel and tourism as a new work stream for future collaboration. “Both sides will also facilitate collaboration in research in health sector, specifically focusing on non-communicable diseases like cardiovascular ailments, diabetics and cancer”, she said.

Taking forward innovation and entrepreneurship work stream, both the countries agreed to focus on small and medium scale enterprises.

“This would spur defence industry collaboration between India and the USA and help India play the desired role as a net provider of security in the region”, she said.

She also said that the Obama administration’s goal over the next few months would be to build bilateral cooperation and ensure that the two countries remain open for business with each other.

“I don’t think that’s true (Indian IT professionals being targeted)”.

India and U.S. hope to boost their bilateral trade by almost 5-fold to $500 billion.

India plans to launch an initiative which deploys leading Indian entrepreneurs to advance Startup India and inspire the next generation of successful innovators.