Sunday, October 25, 2015

Fwd: In sync to be two engines of global prosperity

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In sync to be two engines of global prosperityOctober 26, 2015, 3:02 AM IST 
 
 
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In sync to be two engines of global prosperity
By: Stefan M Selig Destiny willed it that America was discovered in the search for a new route to India. US President Harry Truman made that observation a little mo...
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Stefan M Selig
Destiny willed it that America was discovered in the search for a new route to India. US President Harry Truman made that observation a little more than 65 years ago. A voyage of discovery is also an appropriate way to describe how the US-India commercial partnership has evolved over the past several decades.
Over the past 25 years since India began to open up its economy, the two countries have mutually benefited from dramatically increased trade and investment, which has led to hundreds of thousands of jobs while achieving a record $100 billion last year in two-way trade. But this is nowhere near where it should — or could — be. And for a country situated to be the fastest growing of the major economies, there is clearly room for significant growth.
That is why last month the two nations entered the next phase in their partnership by launching the first-ever USIndia Strategic and Commercial Dialogue (S&CD), which has become the signature annual dialogue. The high-level commercial track of the dialogue focused on four work-streams: building tomorrow's smart cities in India and related infrastructure; participating in strengthening India's business climate to the benefit of both Indian and American businesses; harmonising product standards to increase trade and further deepen our industries' integration into global supply chains; and developing best practices in innovation and entrepreneurship.
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