Commerce and Industry Minister Anand Sharma has written letters to thank World Trade Organization Director General Roberto Azevedo, International Monetary Fund (IMF) Managing Director Christine Lagarde, United States Trade Representative Mike Froman and U.S. Secretary for Commerce Penny Pritzker.
Expressing satisfaction over Indo-U.S. bilateral trade in goods and services crossing $100 billion against the backdrop of a weak global economic climate, Mr. Sharma wrote to the USTR: “Indian companies have invested more than $33 billion in foreign direct investment in the United States, which has contributed immensely to job creation. Equally so, the foreign direct investment regime in India has seen a rapid liberalisation and several sectors, which are of interest to American companies, are now open for foreign investment.”
“I am sure, in the coming years, we will see an intensification of our engagement in terms of technology, innovation and investment collaboration.”
Thanking the WTO DG for his cooperation at the Bali Ministerial in December, Mr. Sharma wrote: “I am sure that while pursuing the post-Bali agenda as per the Ministerial Decision taken in Bali, issues of the Doha Round will remain central in the spirit of the development dimension of the Round to deliver tangible outcomes.”
“The renewed confidence in the WTO would help us in reinvigorating global trade and investment with fairness and equity.”
To Ms. Lagarde, the Minister wrote: “In the coming years, there will be a greater demand for democratisation of decision making structures of international financial institutions, including the IMF.”
“Countries of the developing world such as India have a natural aspiration to play a much greater role in shaping the contours of the emerging global economic architecture. I am sure that with your stature, experience, and mature understanding, you will effectively be able to steer this transformation.”
