India, US for high-level bilateral investment treaty

 The Dollar Business Bureau India and the United States are likely to enter into a high-level Bilateral Investment Treaty (BIT) aimed at creating ‘ease of doing business’ environment in India. This was informed by Richard Verma, US Ambassador to India, in his address at the annual general meeting of the American Chamber of Commerce (ACHAM). “We are working on a high-level BIT to make sure that any such treaty is of very high quality,” said the US Ambassador in his address. Both sides are working very hard towards the assessment of the high-level BIT in boosting the investors’ confidence, he added. And, the newly reconstituted strategic and the commercial dialogue is expected to be held in Washington soon, he informed. Stating that India has signed a similar treaty with Japan in 2010, the US envoy expressed hope that the same could be attainable in the case of US. Further stating that the US-India bilateral trade has crossed US$ 100 billion-mark in 2014, the envoy said the two nations are now eyeing at a US$ 500 billion bilateral trade. The US-India cooperation has augured well over the years and the transformation is evident in the agreement that has been signed between the two sides, enabling the American industry participation in Indian infrastructure and smart city projects under the ‘US-India Infrastructure Collaboration Platform’, he added. The US envoy further informed that the US is currently working on 70 projects in India and is also keen on infrastructure and transportation sectors as a part of the smart city projects in India. The US and India are also likely to ink an enhanced defence framework agreement for the next ten years and the US Defence Secretary, Ashon Carter will be visiting India in June to sign the defence agreement, the US envoy further informed. Along with that includes a US$ 2.5 billion deal for 22 Apache and 15 Chinook heavy-lift helicopters, besides step-ahead talks on proposed co-development and co-production of military technology, ranging from aircraft carrier launch systems to mini drones.    

This article was published on April 28, 2015 – 6:03 pm IST.