India-US trade relationship to grow: US Trade Representative Michael Froman Back to News & Events List


Describing the reforms undertaken by the Indian government as work in progress, a top Obama Administration official has linked the growth in bilateral trade between the two countries to India opening up and liberalising its economy. 

Prime Minister Modi came in with a very ambitious agenda, including to improve the business environment, the Make in India initiative, the Digital India initiative," US Trade Representative Michael Froman told PTI in an exclusive interview ahead of his next week's travel to India to attend the US-India Trade Policy Forum meeting. 

There have been a number of important reforms - the Goods and Services Tax bill, the Bankruptcy Law, the creation of commercial courts, the issuance of a national IP strategy, the opening of certain sectors to investment -- that are important and help contribute to a better business environment, he said. 

However, it is a work in progress, and there continues to be issues around investment and restrictions that can be addressed in order to improve the business environment," said Froman who is scheduled to travel to Mumbai and New Delhi next week. 

One of the key architect of India-US trade relationship in the Obama Administration, Froman said India had been successful in increasing its growth rate, and is now one of the fastest growing economies in the world. 

We both care a lot about strong copyright protection and the enforcement of copyrights, and the new (Indian) National Policy includes a focus on trade secrets, which we think is important. We appreciate the process that India went through in developing its IPR Policy, he said. 

We continue to work in the pharmaceutical area, and we very much believe that there is no contradiction in promoting innovation and promoting access, Froman said. 

Asserting that the US is very much committed to the public health objective, Froman said with the government of India, the Obama Administration had talked about a whole array of issues about access to medicines, including tariffs on imported medicine and opening up the health services market so that there are more providers in the market. 

We try to take a holistic approach to this, he noted. 

The US Food and Drug Administration (FDA) has a very high safety standards, he said, when asked about the delay in FDA's clearances for Indian drug and pharma companies. 

We do not compromise that for anybody. The primary mandate of the FDA is safety. I'm sure it is a process that takes some concerted effort, but at the end of the day, it means that Indian firms will be meeting a very high standard, he observed.

Original Source: economictimes.indiatimes.com


Recent News


25

07/2017
Rules may be eased to help e-commerce companies boost exports

To enable homegrown ecommerce players such Myntra, Snapdeal and a host of handicraft and garment platforms to expand their global footprint, India is looking to revamp the expo...

24

07/2017
Despite record production, Indian wheat imports to continue

India is expected to import up to 4 million tonnes of wheat this fiscal year, despite a bumper harvest, due to the cheaper availability of the commodity in the international ma...

21

07/2017
Share of MSMEs in India's exports near 50 pc in 2015-16: Sitharaman

TThe contribution of Micro, Small and Medium Enterprises (MSMEs) in the exports of the country reached to 49.86 percent in 2015-16, the Commerce and Industry Minister Nirmala S...

20

07/2017
Bill proposing full autonomy for ports approved: Minister

The government has approved a draft bill to empower 12 major ports in India by providing them full autonomy in decision-making for greater efficiency, Union Minister of Stat...