U.S., India discuss ways to lower trade barriers

October 10, 2012 11:14 pm | Updated October 18, 2016 03:15 pm IST - MUMBAI:

Ben Bernanke

Ben Bernanke

The U.S. Treasury Secretary, Timothy Geithner, and U.S. Federal Reserve Board Chairman Ben Bernanke, on Wednesday, met leaders from corporate India in a closed-door meeting organised by the Confederation of Indian Industry (CII) to discuss issues such as India’s ongoing reform process and the economic climate.

A statement from CII said the participants discussed ways in which the U.S. and India could deepen bilateral economic engagement to expand opportunities for American and Indian businesses and workers.

The statement said that the conversation focussed on ways the two economies could lower barriers to trade and promote investment to facilitate stronger growth and create jobs.

Contribution of FDI

Mr. Geithner also discussed the growing contribution Indian foreign direct investment (FDI) is making to job creation in the United States.

In a statement, Adi Godrej, CII President, and Godrej Group Chairman, said “We are upbeat about the India story; and fundamentals are strong, the consumption-led story is intact and we are moving towards reforms. This has taken some time, but the direction is right.’’

On bilateral partnerships, Mr. Godrej said that there was considerable potential in healthcare, clean energy, defence, entrepreneurship, agriculture and education.

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