Presented by:

Nitin Goel

Weekly news Economic Times

India can become America's

largest trading partner: USIBC

Obama had sought a level-playing field and an

atmosphere of genuine competition for American

companies doing business in India.

Business leaders from both countries have

expressed the need for partnership and fostering

deeper ties to ensure prosperity for business and

society.

India is one of the fastest growing economies in

the world and President Obama's visit highlights

the export opportunities available for US

businesses.

'UK's small Co’s keen on India

imports’

In the Midlands , home to Jaguar Land Rover (JLR) and the heart of Britain’s manufacturing industry , small and medium businesses are as likely to have trade links with India as big companies.

The survey, commissioned by the Indian High Commission in London, finds that while 4% of the companies currently export products to India, around 8% actively import and 27% want to increase their exposure.

Sectors with the maximum demand for imports from India are for dressing and dying of fur, textiles, electrical machinery, motor vehicles like trailers, and furniture. Raw materials, components, and equipment are likely to form the bulk of imports.

On the export side, maximum exports are in other transport equipment, rubber, plastic products and basic metals, with parts, machinery, plastics and systems emerging as the main items.

According to the survey, about half of the respondents are interested in selling technology to Indian firms, with the keenest sectors being in medical, precision and optical instruments, post and telecommunications, fabricated metal products and textiles.

Developing infra in India is US' top

business priority

Infrastructure development in India is its top business

priority and allayed concerns about protectionism in

the American economy.

India has emerged as an attractive global investment

destination, and infrastructure sector alone requires

investment of $514 billion for the 11th Five Year Plan.

America believes in partnership with India and to have

vibrant open market that encourage trade, direct

investment and brings the best product and services.

Level playing field has to be maintained to make sure

that everybody who has a product or service to offer

can have the opportunity to compete fairly, which

would benefit everyone.

'US will always stay open'

The US has the most open market in the world

and it will continue to be that.

US state Ohio had banned outsourcing of the

state IT contracts to foreign companies. This was

preceded by Washington’s decision to hike visa

fee for H-1B and L1 categories.

Infrastructure is an important area where it is

believed that US companies can contribute

Canada, India launch talks on free

trade deal

Canada and India on Friday launched talks on a

free trade deal they said could boost gross

domestic product in each nation by C$6 billion

($5.9 billion) a year and increase existing trade

flows by 50 per cent.

The leaders of the two countries made the

announcement in a news release which said both

sides expect a timely conclusion of an ambitious

agreement.