The Indo-US Bilateral Trade Relationship Is Rising

The Indo-US bilateral trade relationship is expected to rise at about 50 per cent at $60 billion during 2008-09, against about $40 billion in 2007-08, according to Mr Henry Jardine, the US Consul General in Kolkata.

The Consul-General, who is leaving the city in July, was sharing his experiences about Bengal and the business prospects in the near future. The US investments so far have been focused on petrochemicals, information technology, financial services, engineering and infrastructure. Eastern India and West Bengal in particular need investment in infrastructure such as large multi-lane highways, overpasses, bridges, additional ports, and airports. Over 30 per cent of farm products do not reach the market because of inefficient cold storage and transportation systems.

For Early Conclusion Of Doha Round Of Trade Negotiations India And Us Resolve

NEW YORK: India and the United States have agreed to resolve the divisive issues for an early conclusion of the Doha round of trade negotiations.

It would send a "strong message" of global unity and resolve in the face of increasing uncertainties in world economy due to rising food and energy prices and turmoil in financial markets in several countries, an official statement issued yesterday on the talks between Commerce and Industry Minister Kamal Nath with United States Trade Representative Susan Schwab said.

In the meeting, which was held on Thursday, they have decided to begin technical work to bring about consensus on the divisive issues among the members of the World Trade Organization (WTO), the statement said.

During the talks, Nath told Schwab that India would not accept any constraints or restrictions on its ability to provide assistance to its poor fishermen as it is a question of their livelihood.

The Agriculture negotiation, they agreed, pose the greatest challenges as they involve complex issues of subsidies and sensitivities on market access, especially in developing countries, in relation to food security and livelihood concerns of poor farmers.

CII Says Exports To Reach $200bn By 2009

New Delhi: India''s total export of merchandise goods will attain $200 billion in 2009, implying that exports will register more than 20 per cent growth for all the five years of the policy (2004-09). This has been pointed in a CEO survey conducted by the Confederation of Indian Industry (CII) on the Foreign Trade Policy. CII members are of the view that India will become a major player in the global market if the Government ensures stability with no mid-term changes to the policy. They seek schemes such as Duty Entitlement Pass Book (DEPB), Export Promotion Capital Goods (EPCG) and Duty Free Import Authorisation (DFIA) to continue.

The CEOs wanted the annual supplement to focus on issues like modifying export and import procedures for small and medium enterprises, which contribute a large portion of total exports from the country. The survey recommends that exporters are looking for new export promotion schemes to promote export of goods and services and completely exclude duties and taxes. Competition in global markets, according to the survey, for Indian products are from China, Romania, Brazil, Sweden, France, Vietnam Bangladesh and ASEAN countries. The products that face intense competition include capital goods, high-tech products, healthcare products, medical equipment, automobile and information technology.

Turkey Looks To Ink FTA With India

Mumbai: Turkey is looking at a free trade agreement with India as it plans to enhance the bilateral trade to $10 billion annually by 2012, Turkish Minister for Foreign Trade Kursad Tuzmen has said. Tuzmen also wanted more flights between India and Turkey in the face of growing bilateral economic cooperation. The two-way trade of Turkey was around $800 billion as against India''s $600 billion annually. While Turkey''s trade deficit was around $80 billion, India''s was around $60 billion. Indian companies are committed to invest in Turkey as it is among the 11 countries listed by investment bankers for growth potential.

Turkish businessmen are looking at alliances with their Indian counterparts in the areas of energy, mining, biotechnology, medicine, IT and railways, the source said at an Indo-Turkish Business Association meet. The country is also keen to broaden their activities in the Indian market by investing in different potential sectors like food and food processing, textile, plastics, chemicals, machinery, construction material as well as infrastructure projects.