United States said the proposed U.S.-India Bilateral Investment Treaty (BIT) should ensure openness to investment across the economy, have strong provisions for investor protection and transparency and offers effective mechanisms to resolve investment disputes.

Speaking at the CII organized Global Partnership Summit on the theme "The New Emerging Global Economic Order: Taking the US-India Example" here, US Under Secretary of State for Economic Growth, Energy and Environment, Robert D. Hormats said both US and Indian governments are currently engaged in BIT negotiations and were aiming for a BIT that gives a high level of openness to investment across the economy and provides strong rules on investor protection and transparency. There should also be effective means for resolving investment disputes, he added.

Stating that US was enormously optimistic about India’s future, Mr. Hormats said India’s greater role on the world stage will enhance peace and security. "US was of the considered opinion that further opening of India’s markets will pave the way to greater regional and global prosperity; Indian advances in science and technology will improve lives and advance human knowledge everywhere and India’s vibrant, pluralistic democracy will produce measurable results and improvements for its citizens,’’ he remarked.

"But our governments cannot assume the relationship will be self-sustaining without mutual effort. This is the challenge we all face today. We have the opportunity to establish a framework for enduring growth for our two countries. And all of our countries together need to establish a series of bilateral and regional partnership for Central Asia, for East Asia and for connections between them. Now each of us individually and – all of us– need to take the next steps to ensure that this process continues and strengthens,’’ he told the delegates at the partnership summit.

Mr. Hormats said US sees ASEAN and India as two of the strongest pillars of the global economies in the 21st century. ``When people ask why the US is so interested in expanding its ties with India, my response is three-fold – One, our ties make geo-strategic sense; two, they make geo-economic sense; and three and most importantly, our citizens will benefit from it.’’

More In: Economy | Business